Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1....
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Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $120,000 cash. 2. Purchased $205,000 of merchandise on account. 3. Sold merchandise that cost $168,000 for $334,000 on account. 4. Collected $294,000 cash from accounts receivable. 5. Paid $185,000 on accounts payable. 6. Paid $48,000 of salaries expense for the year. 7. Paid other operating expenses of $64,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Required . 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 Sage Inc. 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. Prepare the income statement for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. 'repare the statement of changes in stockholders' equity for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Sage Inc. for Year 1. (Be sure to list the assets in the order of their Prepare the statement of cash flows for Sage Inc. for Year 1. (Cash outflows should be indicated with a min \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ SAGE INC. } & \\ \hline \multicolumn{1}{|c|}{ Sor the Year Ended Year 1 } & \\ \hline Cash flows from operating activities: & & \\ \hline & & \\ \hline & & \\ \hline & & $ \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline \end{tabular} What is the net realizable value of the accounts receivable at December 31 , Year 1
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Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $120,000 cash. 2. Purchased $205,000 of merchandise on account. 3. Sold merchandise that cost $168,000 for $334,000 on account. 4. Collected $294,000 cash from accounts receivable. 5. Paid $185,000 on accounts payable. 6. Paid $48,000 of salaries expense for the year. 7. Paid other operating expenses of $64,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Required . 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 Sage Inc. 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. Prepare the income statement for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. 'repare the statement of changes in stockholders' equity for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Sage Inc. for Year 1. (Be sure to list the assets in the order of their Prepare the statement of cash flows for Sage Inc. for Year 1. (Cash outflows should be indicated with a min \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ SAGE INC. } & \\ \hline \multicolumn{1}{|c|}{ Sor the Year Ended Year 1 } & \\ \hline Cash flows from operating activities: & & \\ \hline & & \\ \hline & & \\ \hline & & $ \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline \end{tabular} What is the net realizable value of the accounts receivable at December 31 , Year 1 