Answer full question. Answer all parts of the question please. 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:4 of 4Year 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 percentof the ending accounts receivable balance will be uncollectible.BookYear 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 theending accounts receivable balance will be uncollectible.d-1. Organize the transaction data in accounts under an accounting equation for Year 2.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? Complete this question by ehtering your answers in the tabs below.Reg D1Reg D2Reg D3Req D4Req D5Req D6Organize the transaction data in accounts under an accounting equation for Year 2. (Enter any decreases to account balances with a minus sign. Not all cells in the"Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.)LEACH INC.Accounting Equation for the Year 2AssetsEquityAccounting Titles for RetainedEarningsEventLiabilities+Retained%3DAccountsReceivableCommonstockCashAllowanceEarningsBal.%3D1.%3D2.++%3D3.++%3D4.++%3D5.+6.0 +0 +Bal.Reg D1Req D2 >++ ++ +-

Accounting equation is considered as the foundation of the accounting system under which the assets,…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 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 $650. 2. Provided $88,000 of services on account. 3. Provided $32,000 of services and collected cash. 4. Collected $81,000 cash from accounts receivable. 5. Paid $65,000 of salaries expense fer the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the endi ng…
Required information [The following information applies to the questions displayed below.] Leach Incorporated 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 $33,000 of services and received cash. 4. Collected $37,000 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 6 percent. of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,590. 2. Provided $90,000 of services on account. 3. Provided $25,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $22,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the…
Required Information [The following Information applies to the questions displayed below.] Leach Incorporated 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 $33,000 of services and received cash. 4. Collected $37,000 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 $2,560. 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 $22,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the…
Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $10,000 of common stock for cash. Provided $70,000 of services on account. Provided $29,000 of services and received cash. Collected $41,000 cash from accounts receivable. Paid $22,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts receivable balance will be uncollectible. Year 2: Wrote off an uncollectible account for $730. Provided $90,000 of services on account. Provided $25,000 of services and collected cash. Collected $72,000 cash from accounts receivable. Paid $22,000 of salaries expense for the year. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts receivable balance will be uncollectible.
York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
[The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $245,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $244,000 cash from accounts receivable. Paid $230,000 on accounts payable. Paid $48,000 of salaries expense for the year. Paid other operating expenses of $37,000. Roth 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 $34,800 0.01 0 to 30 14,500 0.05 31 to 60 2,900 0.10 61 to 90 2,900 0.20 Over 90 days 2,900 0.50 b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1. could you take a look at…
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 $27,000 of services and received cash. 4. Collected $43,000 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 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,580. 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 $24.000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. d-1. Organize the transaction data in…
Required information [The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. (Enter cash outflows as negative amounts.) Net cash flows from operating activities Net cash flows from investing activities Net…
Required information [The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. f. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal places.) Investors Creditors Earnings Assets % % %
Required information [The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $31,000 cash from the issue of common stock. 2. Borrowed $43,000 cash from National Bank. 3. Earned cash revenues of $59,000 for performing services. 4. Paid cash expenses of $50,500. 5. Paid a $2,100 cash dividend to the stockholders. 6. Acquired an additional $31,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. . Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. Note: Enter cash outflows as negative amounts. Net cash flows from operating activities Net cash flows from investing activities…
Roth Inc. experienced the following transactions for year 1, its first year of operations: Issued common stock for $50,000 cash. Purchased $140,000 of merchandise on account. Sold merchandise that cost $110,000 for $250,000 on account. Collected $236,000 cash from accounts receivable. Paid $118,000 on accounts payable. Paid $50,000 of salaries expense for the year. Paid other operating expenses of $28,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of DaysPast Due Amount Percent Likely toBe Uncollectible AllowanceBalance Current $ 10,000 0.01 0−30 2,000 0.05 31−60 1,200 0.10 61−90 500 0.20 Over 90 days 300 0.50 Required for question: Step A: Journal form and T posts Step B: Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Inc. for year 1 Step c: What is the net realizable value of the accounts…
Required information [The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $235,000 of merchandise on account. Sold merchandise that cost $164,000 for $326,000 on account. Collected $274,000 cash from accounts receivable. Paid $220,000 on accounts payable. Paid $46,000 of salaries expense for the year. Paid other operating expenses of $35,000. Roth 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 $31,200 0.01 0 to 30 13,000 0.05 31 to 60 2,600 0.10 61 to 90 2,600 0.20 Over 90 days 2,600 0.50 Required a. Record the given transactions in general journal form and post to T-accounts. Record the given transactions in general journal form. Record entry…

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