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Required information Exercise 7.7A (Aigo) Effect of recognixing uncollectible accounts on the financlal statements: Percent of receivables allowance method L07.2 [The following information applies to the questiors dispityed below? Leach incorporated experienced the following events for the first two years of its operations: Year 1 : 1. Lsued $10,000 of commen stock for cash 2. Provided $60,000 of services on account 3. Provided $29.000 of services and received cash 4. Collected $31,000 cash from accounts receivable. 5. Paid $14,000 of salaries expense for the year. 6. Adiusted the accounting records to rellect uncolectible accounts expense for the year, Looch estimates that 6 percont of the ending accounts receivable balance wid be uncollectbbe. Year 2 1. Wrote off an uncollectible account for 52,660 2. Provided $90,000 ot services on account 3. Provided $20,000 of services and collected cast. 4. Collected $62,000 cash from accounts teceivable. 5. Paid $30,000 of solaries expense for the yeac. 6. Adjusted the accounts to reflect uncollectible accounts expense for theyeac Leach estimates that 6 percent of the ending accounts recelvable balance will be uncollectible. Exercise 7-7A (Algo) Part d d.1. Organize the transoction data in accounts under an accounting equation for year 2 d-2. Prepare an incame statement for Year 2 . d-3. Prepare the statement of changes in stocktiolders' equty for Vear 2 . d-4. Prepare the balance sheet for Year 2 d-5. Prepare the statement of cosh flows for Year 2 . d.6. What is the net realizable value of the accounts recelvable at December 3t, Year 2? Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accounting equation for Year 2 . Note: Enter any decreases to account balences with a minus sign. Fot all cells require input. Round your intermediate calculations and finat aniswer to the nearest whole dollar. Required information Exercise.7-7A (Algo) Effect of recognizing uncollectible accounts on the financial statements: Percent of recelvables allowance method Lo 7.2 [The following information applies to the questions displayed befow] 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 $60,000 of servicos on account 3. Provided $29,000 of services and recelved cash. 4. Collected $31,000 cash from accounts receivable. 5. Raid $14,000 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 2i 1. Wrote off an uncollectible account for $2,660. 2. Provided $80,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected \$62,000 cash from accounts recelvable. 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 6 percent of the ending accounts receivable balance will be uncollectible. Exercise 7.7A (Alge) 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 balancesheet for Year 2 d.5. Prepare the statement of cash flows for Year 2. d-6. What is the net realizable value of the occounts recelvable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Prepare an inconie statement for Year 2. Note: Round your intermediate calculations and final answers to the nearest whole doliar. Required information Exercise 7-7A (Algo) Effect of recognizing uncollectible accounts on the financial statements: Percent of recelvables allowance method LO 7.2 [The following information applies to the questions displayed belows) 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 $60,000 of services on account 3. Provided $29,000 of services and received cash. 4. Collected $31,000 cash from accounts recelvable 5. Paid $14,000 of salaries expense for the year 6. Adjusted the accounting records to reflect uncolloctible accounts expense for the year Leach estimaters that 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncoliectible account for $2,660. 2. Provided $80,000 of services on account. 3. Provided $20,000 of services and collocted cash. 4. Collected $62,000 cash from accounts recelvable. 5. Paid $30,000 of salaries expense for the year 6. Adjusted the accounts to refiect uncollectible accounts expense for the ycac Leach estimates that 6 percent of the ending accounts recelvable balance will be uncollectible. Exercise 7.7A (Algo) Part d d-1. Organize the transaction dats 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 recelvabie at December 3t, Year 2? Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 2. Note: Round your intermediate calculations and final answers to the neareat whole dollar. Required information Exercise 7.7A (Algo) Effect of recognixing uncollectible accounts on the financial statements: Percent of recelvables allowance method LO 72 [The following information applies to the questions displayed belove] Leach Incorporated experienced the following events for the first two years of its operations: Year 1 1. Issued $10.000 of commen stock for cash. 2. Provided $60.000 of services on account. 3. Provided $29,000 of services and recelved cash. 4. Collected $31,000 cash from accounts receivable. 5. Paid $14,000 of salaries expense for the year, 6. Adjusted the accounting records to reflect uncollectble accounts expense for the year Leach estimates that 6 percent of the ending accounts receivable balance wil be uncollectible. Year 2 1. Wrote off an uncollectible account for $2,650. 2. Provided $80,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $62,000 cash from accounts recelvable. 5. Paid $30,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectuble accounts expense for the year Leach estimates that 6 percent of the ending accounts receivable balance will be uncolloctible: Exercise 7-7A (Algo) 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 stheot for Year 2 . d-5. Prepare the balance sthe statement of cash flows fot Year 2 d-6. What is the net realizable value of the accounts recelvable at December 31, Year 2? Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 2. Note: Round your intermediate calculations and final answers to the nearest whole dollar. Required information Exercise 7.7A (Algo) Effect of recognizing uncollectibie accounts on the financial statements: Percent of receivables allowance method LO 7.2 [The following information applies to the questions displayed below] Leach incorporated experienced the following events for the first two years of its operations: Year 1t 1. Issued $10,000 of common stock for cash. 2. Pravided $60,000 of services on account 3. Provided $29,000 of sorvices and recelved cash. 4. Collected $31,000 cash from accounts recelvabile. 5. Paid $14,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncoliectible accounts exponse for the year Leach estimates that 6 percent of the ending accounts receivable balence will be uncollectibie. Year 2 1. Wrote off an uncollect ble account for $2,660. 2. Provided $80,000 of services on account. 3. Provided $20.000 of services and collected cash. 4. Collected $62,000 cash from accounts receivable. 5. Paid 530,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the yeat. Leach estimates that 6 percent of the ending accounts recelvable balance will be uncoliectible. Exercise 7.7A (Algo) Part d d.1. Organize the transaction data in accounts under an accounting equation for Vear 2. d-2. Prepore an income statement for Year 2 d-3. Prepare the statement of changes in stockholders' equity for Year 2 . d-4. Prepare the bolance 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 receivabie at December 3t, Year 2? Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 2. Note: Amounts to be deducted and cash outflows should be indicated with a miniss sign. Required information Exercise 7.7A (Algo) Effect of recognixing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 7.2 [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 $60,000 of services on account. 3. Provided $29,000 of services and received cash. 4. Collected $31,000 cash from accounts receivable. 5. Paid $14,000 of salaries expense for the year. 6. Acjusted the accounting records to reflect uncolectible accounts expense for the year, Leach estimates that 6 percent of the ending accounts receivable bolance will be uncollectible. Year 2 : 1. Wrote off an uncollectible account for $2,660. 2. Provided $80,000 of services on account 3. Provided $20,000 of services and collected cash. 4. Collected $62,000 cash from accounts recelvable. 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 6 percent of the ending accounts receivable balance will be uncollectibie. Exercise 7-7A (Algo) 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 stockhoiders' 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 recelvable at December 31, Year 2 ? 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 ? Note: Round your intermediate calculations and final answer to the nearest whole dollar

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