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Exercise 7-7A (Static) Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 7-2

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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 $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 for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Exercise 7-7A (Static) Part d

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?