FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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: Part 2 of 4 Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $80,000 of services on account. 3. Provided $25,000 of services and received cash. 4. Collected $55,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible. oints eBook Year 2: 1. Wrote off an uncollectible account for $730. 2. Provided $100,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $82,000 cash from accounts receivable. 5. Paid $30,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible.
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Transcribed Image Text: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: Part 2 of 4 Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $80,000 of services on account. 3. Provided $25,000 of services and received cash. 4. Collected $55,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible. oints eBook Year 2: 1. Wrote off an uncollectible account for $730. 2. Provided $100,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $82,000 cash from accounts receivable. 5. Paid $30,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible.
b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Part 2 of 4 Complete this question by entering your answers in the tabs below. 10 Reg B Bal Sheet Reg B Stmt Cash Flows points Reg B Inc EReg B Stmt SE Stmt Prepare an income statement for Year 1. eBook LEACH INC. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Reg B inc Strmt Req B Stmt SE >
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Transcribed Image Text:b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Part 2 of 4 Complete this question by entering your answers in the tabs below. 10 Reg B Bal Sheet Reg B Stmt Cash Flows points Reg B Inc EReg B Stmt SE Stmt Prepare an income statement for Year 1. eBook LEACH INC. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Reg B inc Strmt Req B Stmt SE >
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