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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 $25,000 of services and received cash. 4. Collected $45,000 cash from accounts receivable. 5. Paid $12,000 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 recelvable balance will be uncollectible, Year 2: 1. Wrote off an uncollectible account for $690. 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 7 percent of the ending accounts receivable balance will be uncollectible. Required a. Organize the transaction data in accounts under an accounting equation b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Rea B Inc Rea B Stmt of Reg B Bal Rea B Stmt Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Reg B Inc Reg A Reg B Stmt of Reg B Bal Req B Semt Stmt Changes Sheet Cash Flows Reqc Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. If there is no effe on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry) LEACH INC Accounting Equation for the Year 1 Equity Liabilities Common Retained Stock Earnings Assets NRV Accounts Recolvable Event Cash Accounting Titles for Retained Earning 1 2 3 4 5 0 0+ 0 Rog B Ine Stml> Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Stmt of Changes Reg B Bal Sheet Req B Stmt Cash Flows Reqc Prepare the income statement for Year 1. LEACH INC. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses SIVU UUUUU Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Stunt of Changes Req B Bal Sheet Reg B Stmt Cash Flows Regc Prepare the statement of changes in stockholders' equity for Year 1. LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock $ 0 Beginning retained earnings 0 Ending retained earnings Total stockholders' equity 0 LUULUULUI ULIVUMILINU Complete this question by entering your answers in the tabs below. Req A Reg B Inc Stmt Req B Stmt of Changes Req B Bal Sheet Req B Stmt Cash Flows Reqc Prepare the balance sheet for Year 1. LEACH INC. Balance Sheet As of December 31, Year 1 Assets 0 $ 0 Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Req A Reg B Inc Stmt Req B Stmt of Changes Req B Bal Sheet Reg B Stmt Cash Flows Reqc Prepare the statement of cash flows for Year 1. (Cash outfiows should be indicated with a minus sig LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities $ Net change in cash 0 Ending cash balance $ 0 Req A Reg B Inc Stmt Reg B Stmt of Changes Req B Bal Sheet Reg B Stmt Cash Flows Reg C What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value 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. Reg D1 Reg D2 Reg D3 Reg D4 Reg D5 Req 06 Prepare the statement of changes in stockholders' equity for Year 2. (Round your Intermediate calculptions and finala to the nearest whole dollar.) LEACH INC Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Ending common stock $ 0 Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Required information 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 1 Reg D2 Reg D3 Reg D4 Reg D5 Reg D6 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 Assets 0 0 $ Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity s 0 0 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. Reg D1 Reg D2 Reg D3 Reg D4 os Req 06 Reg bs RCO DS Prepare the statement of cash flows for Year 2. (Round your intermediate calculations and final answers to the nearest 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 0 Ending cash balance 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 recevable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Reg D1 Reg D2 Req3 Reg D4 Regos Reg D6 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) Net tonable value Reg DS

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