Sage Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $120,000 cash. Purchased $200,000 of merchandise on account. Sold merchandise that cost $154,000 for $306,000 on account. Collected $274,000 cash from accounts receivable. Paid $180,000 on accounts payable. Paid $56,000 of salaries expense for the year. Paid other operating expenses of $72,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 19,200 0.01 030 8,000 0.05 3160 1,600 0.10 6190 1,600 0.20 Over 90 days 1,600 0.50 b. Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash

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Required information [The following information applies to the questions displayed below.) Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $120,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $154,000 for $306,000 on account. 4. Collected $274,000 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 Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $19,200 000 1,600 1,600 1,600 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cas flows for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. Required Required Required Required B Inc B Stmt B Bal B Stmt Prepare an income statement for Sage Inc. for Year 1. SAGE INC. Income Statement For the Year Ended Year 1 Sales revenue $ 306,000 154,000 152,000 Cost of goods sold Gross margin Operating expenses Salaries expense Other operating expenses Uncollectible accounts expense $ 56,000 72,000 1,872 (129,872) Total operating expenses Net income Required B Inc Stmt Required B Stmt Stkholder Eq>