Question: Need help with this problem ! Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the
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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 $80,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $49,000 cash from accounts receivable. 5. Paid $18,000 of salaries expense for the year. 6. 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: 1. Wrote off an uncollectible account for $740. 2. Provided $100,000 of services on account. 3. Provided $20,000 of services and collected cash. $82,000 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 7 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? Complete this question by entering your answers in the tabs below. Req D1 Event Bal. 1. 2. 3. 4. 5. 6. Bal. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) Req D2 Cash Assets + + + + + + + + Req D3 0 + NRV Accounts Receivable A = Req D4 0 = Liabilities LEACH INC. Accounting Equation for the Year 2 Equity Req D5 + Common Stock +++++ ++ 0 + + Req D1 + + + + + + Req D6 + 0 + Retained Earnings 0 Accounting Titles for Retained Earnings Req D2 > Complete this question by entering your answers in the tabs below. Req D1 Req D2 Operating expenses Req D3 Req D4 LEACH INC. Income Statement For the Year Ended December 31, Year 2 Total operating expenses Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) Req D5 Complete this question by entering your answers in the tabs below. Req D1 Req D2 Beginning common stock Ending common stock Req D3 Prepare the statement of changes in stockholders' equity for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 LEACH INC. Beginning retained earnings Ending retained earnings Total stockholders' equity Req D4 Complete this question by entering your answers in the tabs below. Reg D1 Req D2 Assets Req D3 Total assets Liabilities Stockholders' equity Prepare the balance sheet for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) LEACH INC. Balance Sheet As of December 31, Year 2 Req D4 Total stockholders' equity Total liabilities and stockholders' equity Req D5 $ 0 0 Req D6 0 0 Complete this question by entering your answers in the tabs below. Req D1 Req D2 Req D3 LEACH INC. Statement of Cash Flows Cash flows from operating activities Prepare the statement of cash flows for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar. Cash outflows should be indicated with a minus sign.) For the Year Ended December 31, Year Ending cash balance Req D4 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Req D5 GA 0 Req D6 0 Complete this question by entering your answers in the tabs below. Req D1 Req D2 Net realizable value Req D3 Req D4 Req D5 What is the net realizable value of the accounts receivable at December 31, Year 2? (Round your intermediate calculations and final answer to the nearest whole dollar.)
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