Saved of Recievables 3pts Bonus 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 $70,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $39.000 cash from accounts receivable. 5. Paid $22,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year, Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $730. 2. Provided $90,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $20,000 of salaries expense for the year. 6. Adjusted the accounts to reflect u collectible accounts expense for the year. Leach estimates that 5 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? 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 DS 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 on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) LEACH INC. Accounting Equation for the Year 2 Equity Liabilities Common Stock Assets NRV Accounts Recolvable Event Accounting Titles for Retained Earnings Retained Earnings Cash + + Bal + + - 1. + + 2 + 90,000 90,000 Service revenue 20,000 Service revenue 3 + + 4. + 20,000 72,000 (20,000) (72,000) + (20,000) 5. Salaries expense Uncollectible accounts expense + + 6. Bal 72,000 + 18,000 0 0 + 90,000 Reo D Reg D2 > Required information Complete this question by entering your answers in the tabs below. Reg D2 Reg D4 Reg D6 Reg D1 Reg D3 Reg D5 Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the n LEACH INC. $ 90,000 Income Statement For the Year Ended December 31, Year 2 Service revenue Operating expenses Salaries expense $ 20,000 Uncollectible accounts expense 20,000 Total operating expenses Net income Reg D6 Req D5 Reg D1 Req D2 Req D3 Req D4 Prepare the statement of changes in stockholders' equity for Year 2. (Round your inte to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 10,000 Plus: Common stock issued Ending common stock $ 10,000 Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity 0 $ 10,000 Redi 04 Req D3 Req D1 Req D2 Reg D5 Req D6 Reg D4 Prepare the balance sheet for Year 2. (Round your intermediate calculations and fin LEACH INC. Balance Sheet As of December 31, Year 2 Assets 0 $ 0 Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Req D4 Reg D5 Reg D6 Reg D1 Reg D2 Req D3 Prepare the statement of cash flows for Year 2. (Round your intermediate calculati 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 $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ $ 0 Reg D1 Req D2 Reg D3 Reg D4 Req D5 What is the net realizable value of the accounts receivable at December 31, and final answer to the nearest whole dollar.) Net realizable value Complete this question by entering your answers in the tabs below. Reg D1 Reg D2 Reg D3 Reg D4 Reg DS 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 on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) LEACH INC. Accounting Equation for the Year 2 Equity Liabilities Common Stock Assets NRV Accounts Recolvable Event Accounting Titles for Retained Earnings Retained Earnings Cash + + Bal + + - 1. + + 2 + 90,000 90,000 Service revenue 20,000 Service revenue 3 + + 4. + 20,000 72,000 (20,000) (72,000) + (20,000) 5. Salaries expense Uncollectible accounts expense + + 6. Bal 72,000 + 18,000 0 0 + 90,000 Reo D Reg D2 > Required information Complete this question by entering your answers in the tabs below. Reg D2 Reg D4 Reg D6 Reg D1 Reg D3 Reg D5 Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the n LEACH INC. $ 90,000 Income Statement For the Year Ended December 31, Year 2 Service revenue Operating expenses Salaries expense $ 20,000 Uncollectible accounts expense 20,000 Total operating expenses Net income Reg D6 Req D5 Reg D1 Req D2 Req D3 Req D4 Prepare the statement of changes in stockholders' equity for Year 2. (Round your inte to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 10,000 Plus: Common stock issued Ending common stock $ 10,000 Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity 0 $ 10,000 Redi 04 Req D3 Req D1 Req D2 Reg D5 Req D6 Reg D4 Prepare the balance sheet for Year 2. (Round your intermediate calculations and fin LEACH INC. Balance Sheet As of December 31, Year 2 Assets 0 $ 0 Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Req D4 Reg D5 Reg D6 Reg D1 Reg D2 Req D3 Prepare the statement of cash flows for Year 2. (Round your intermediate calculati 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 $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ $ 0 Reg D1 Req D2 Reg D3 Reg D4 Req D5 What is the net realizable value of the accounts receivable at December 31, and final answer to the nearest whole dollar.) Net realizable value