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Sage Incorporated experienced the following transactions for Year 1 , its first year of operations: Issued common stock for $ 8 0 , 0 0
Sage Incorporated experienced the following transactions for Year its first year of operations:
Issued common stock for $ cash.
Purchased $ of merchandise on account.
Sold merchandise that cost $ for $ on account.
Collected $ cash from accounts receivable.
Paid $ on accounts payable.
Paid $ of salaries expense for the year.
Paid other operating expenses of $
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 $
to
to
to
Over days
Required
Organize the transaction data in accounts under an accounting equation.
Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Sage Incorporated for Year
What is the net realizable value of the accounts receivable at December Year
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