60.1K

Verified Solution

Link Copied!

i pay for a chegg subscribtion so please answer the question here. dont want to have to report

Complete this question by entering your answers in the tabs below. 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.) Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the nearest whole dolla Complete this question by entering your answers in the tabs below. What is the net realizable value of the accounts receivable at December 31 , Year 2? (Round your intermediate calculation and final answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. 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.) Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) Exercise 5-9A (Algo) Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 5-2 [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 $110,000 of services on account. 3. Provided $29,000 of services and recelved cash. 4. Collected $81,000 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 recelvable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $670. 2. Provided $130,000 of services on account. 3. Provided $30,000 of services and collected cash. 4. Collected $112,000 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

Answer & Explanation Solved by verified expert

See Answer