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: Yeart: 1. Issued $10,000 of common stock for cash 2. Provided 580,000 of services on account 3. Provided $31,000 of services and received cash 4. Collected $49,000 cash from accounts receivable. 5. Paid $18,000 of salaries expense for the year 6 Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that percent of the ending accounts receivable balance will be uncollectible Year 2: 1 Wrote off an uncollectible account for $710. 2 Provided $100.000 of services on account 3. Provided $20.000 of services and collected cash 4. Collected $82.000 cash from accounts receivable 5. Paid $25,000 of salaries expense for the year 6. Adjusted the accounts to reflect uncollectible accounts expense for the year Leach estimates that percent of the ending accounts receivable balance will be uncollectible Required information a. Organize the transaction data in accounts under an accounting equation b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Red A Reg B Inc Stmt Req B Stmt of Req Bal Changes Sheet Reg 0 Stmt Cash Flows Rege Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If the on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry) LEACHING Accounting Equation for the Year 1 Equity Liabilities Common Retained Stock Earnings Assets NRV Accounts Receivable Event Accounting Titles for Retained Earnings Cash - 1 2 3 4 5 0 6 Bal ol 0 CD 2 3 of 6 required information a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Yeart c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Rag A Reg B Inc Req Stmt of Stmt Changes Reg D Bal Sheet Req stmt Cash Flows Rec Prepare the income statement for Year 1. LEACH INC Income Stateme For the Year Ended December 31, Year 1 Operating expenses O Total operating expenses Reg B Stmt of Changes > 84 complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Stmt of Changes Reg B Bal Sheet Req B Stmt Cash Flows Raqc Prepare the statement of changes in stockholders' equity for Year 1. LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings Ending retained earnings Total stockholders equity 0 0 S Req A Req B Inc Stmt Req B Stmt of Changes Reg B Bal Sheet Reg B Strmt Cash Flows Reqc Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities s 0 Net cash flow from financing activities 0 Net change in cash S 3 3 of 6 Next Iyulle uie transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and stater c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Reg B Stmt of Changes Req B Bal Sheet Raq B Stmt Cash Flows Reg C What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value
