Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $90,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $164,000 for $326,000 on account. 4. Collected $294,000 cash from accounts receivable. 5. Paid $180,000 on accounts payable. 6. Paid $56,000 of salaries expense for the year. 7. Paid other operating expenses of $72,000. 8. Sage adjusted the accounts using the following Information from an accounts receivable aging schedule: Number of Daya Past Due Current 0-30 31-60 61.90 Over 90 days Amount $19,200 8,000 1,600 1,600 1,600 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 Complete this question by entering your answers in the tabs below. 3 Required B incl Required B Required B Bal Required B Stmt Stkholder Eq Sheet Flows Prepare an income statement for Sage Inc. for Year 1. Stmt K SAGE INC. Income Statement For the Year Ended Year 1 + hces Operating expenses Total operating expenses Complete this question by entering your answers in the tabs below. Required B Inc Required B Required B Bal Required B Stmt Stmt Stkholder Eq Sheet Stmt Cash Flows Prepare the statement of changes in stockholders' equity for Sage Inc. for Year 1. SAGE INC. Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity SAGE INC. Balance Sheet As of the End of the Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity SAGE INC. Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance Complete this question by entering your answers in the tabs below. Required B Inc Required B Required B Bal Required B Stmt Stmt Stkholder Eq Sheet Stmt Cash Flows Prepare the statement of changes in stockholders' equity for Sage Inc. for Year 1. SAGE INC. Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity SAGE INC. Balance Sheet As of the End of the Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity SAGE INC. Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance
