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 $90,000 of services on account 3. Provided $29,000 of services and received cash. 4. Collected $61,000 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 7 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $680. 2. Provided $110,000 of services on account. 3. Provided $25,000 of services and collected cash. 4. Collected $92,000 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 7 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 2? Complete this question by entering your answers in the tabs below. Reg Di Reg D2 Req D3 Reg D4 Reg D5 Reg D6 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar) Event Assets NRV Accounts Recalvable Cash Bal O 1 + LEACH INC. Accounting Equation for the Year 2 Equity Liabilities Accounting Titles for Retained Common Retained Earnings Stock Earnings Ol+ 10,000+ 0 0 0 Service revenue 0 ol + Service revenue 0 01 + 0 ol + Salarios expense O + ol + Uncollectible accounts expense 01 10,000+ 2 0 01 + 3 0 + 4 5. 0 + 0 ol Bal 0+ ol RADI ReqD2 > Prey 1 of 1 Score answer > Complete this question by entering your answers in the tabs below. Reg D1 Reg D2 Reg D3 Reg D4 Reg D5 Req D6 Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) LEACH INC. Income Statement For the Year Ended December 31, Year 2 Service revenue Operating expenses Salarios expense Uncollectible accounts oxpense Total operating expenses Net income Reg D1 Reg D2 Reg D3 Reg D4 Reg D5 Reg D6 Prepare the statement of changes in stockholders' equity for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Plus: Common stock issued Ending common stock $ 0 Beginning retained earnings Plus: Net income Ending retained earings Total stockholders' equity 0 $ 0 Complete this question by entering your answers in the tabs below. Reg D1 Reg D2 Reg D3 RedD4 Reg DS Reg D6 Prepare the balance sheet for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar) LEACH INC. Balance Sheet As of December 31, Year 2 Assets Cash Accounts receivable Loss: Allowance for doubtful accounts Total assets Liabilities Stockholders' equity Common stock $ Retained earnings 0 $ 0 $ 0 10,000 0 Total stockholders' equity Total liabilities and stockholders' equity 10,000 10,000 $ Required information Complete this question by entering your answers in the tabs below. Reg D1 Reg D2 Reg D3 Reg D4 Reg DS Req D6 Prepare the statement of cash flows for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar. Cash outflows should be indicated with a minus sign.) LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Inflow from customers Outflow for expenses 0 $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Not change in cash Plus: Beginning cash balance Ending cash balance 0 $ 0 Roq D4 Reg D6 > Complete this question by entering your answers in the tabs below. Reg D4 Reg DS Reg D6 Reg D1 Reg D2 Reg D3 What is the net realizable value of the accounts receivable at December 31, Year 27 (Round your intermediate calculations and final answer to the nearest whole dollar) Nollabo value
