Required information The following information applies to the questions displayed below) Leach Inc, experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $100,000 of services on account 3. Provided $25,000 of services and received cash 4 Collected $75,000 cash from accounts receivable. 5. Paid $20,000 of salaries expense for the year 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible Year 2 1. Wrote off an uncollectible account for $750. 2. Provided $120.000 of services on account 3. Provided $15.000 of services and collected cash 4. Collected $102.000 cash from accounts receivable 5. Paid $26,000 of salaries expense for the year 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible d-1. Organize the transaction data in accounts under an accounting equation d-2. Prepare an income statement for Year 2 d-3. Prepare the statement of changes in stockholders' equity for Year 2 d-4. Prepare the balance sheet for Year 2 d-5. Prepare the statement of cash flows for Year 2 d-6. What is the net realizable value of the accounts receivable at December 31 Year 22 Complete this question by entering your answers in the tabs below. Year 2 d-3. Prepare the statement of changes in stockholders' equity for Year 2 d-4. Prepare the balance sheet for Year 2 d-5. Prepare the statement of cash flows for Year 2 d-6. What is the net realizable value of the accounts receivable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Req D1 Req D2 Req D3 Req D4 Req D5 Reg D6 Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the LEACH INC. Income Statement For the Year Ended December 31, Year 2 Service revenue Operating expenses Salaries expense 26,000 Uncollectible accounts expense $ 135,000 Total operating expenses Net income 26,000 Complete this question by entering your answers in the tabs below. Req D1 Req D2 Req D3 Req D4 Req D5 Reg D6 Prepare the statement of changes in stockholders' equity for Year 2. (Round your intermediate to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 10,000 Ending common stock $ 10,000 $ 103,500 Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity 103.500 $ 113,500
