Income Statement | |||
Revenue from service | $ 116,100.00 | ||
Operating expenses: | |||
Salaries | $ 39,000.00 | ||
Uncollectible accounts expense | $ 546.00 | ||
Total operating expense | $ 39,546.00 | ||
Net Income | $ 76,554.00 |
Statement of changes in equity | ||||
Beginning common stock | $ - | |||
Issued during the year | $ 11,000.00 | |||
Ending common stock | $ 11,000.00 | |||
Beginning retained earnings | $ - | |||
Net income transferred | $ 76,554.00 | |||
Ending retained earnings | $ 76,554.00 | |||
Total stockholder's equity | $ 87,554.00 |
Balance Sheet | |||
Assets | |||
Cash | $ 79,000.00 | ||
Accounts Receivable | $ 9,100.00 | ||
Total Assets | $ 88,100.00 | ||
Liabilities | $ 546.00 | ||
Stockholder's Equity | |||
Common Stock | $ 11,000.00 | ||
Retained Earnings | $ 76,554.00 | ||
Total stockholder's equity | $ 87,554.00 | ||
Total stockholder's equity and liability | $ 88,100.00 |
Statement of Cash Flow | |||||
Cash flow from operating activities | |||||
Cash sales | $ 37,000.00 | ||||
Collection from receivables | $ 70,000.00 | ||||
Salaries expense paid | $ (39,000.00) | ||||
Net cash flow from operating activities | $ 68,000.00 | ||||
Cash flow from investing activities | $ - | ||||
Cash flow from financing activities | |||||
Common stock issued | $ 11,000.00 | ||||
Net Change in cash | $ 79,000.00 | ||||
Beginning cash balance | $ - | ||||
Ending cash balance | $ 79,000.00 |
Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables...
Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 7-2 [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 $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...
Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 7-2 [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: Issued $27,000 of common stock for cash. Provided $96,700 of services on account. Provided $53,000 of services and received cash. Collected $86,000 cash from accounts receivable. Paid $55,000 of salaries expense for the year. Adjusted the accounting...
Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 7-2 (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 $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...
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 $100,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $16,000 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 receivable balance will...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $16,000 of common stock for cash. 2. Provided $84,600 of services on account. 3. Provided $42,000 of services and received cash. 4. Collected $75,000 cash from accounts receivable. 5. Paid $44,000 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...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: Issued $10,000 of common stock for cash. Provided $100,000 of services on account. Provided $27,000 of services and received cash. Collected $73,000 cash from accounts receivable. Paid $18,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending...
[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: Issued $10,000 of common stock for cash. Provided $78,000 of services on account. Provided $36,000 of services and received cash. Collected $69,000 cash from accounts receivable. Paid $38,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts...
one big problem thanks you! Leach Inc, experienced the following events for the first two years of its operations: 2018 1. Issued $10,000 of common stock for cash 2. Provided $90,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $63,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending...
2018: Issued $10,000 of common stock for cash. Provided $90,000 of services on account. Provided $33,000 of services and received cash. Collected $57,000 cash from accounts receivable. Paid $16,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts receivable balance will be uncollectible. 2019: Wrote off an uncollectible account for $750. Provided $110,000 of services on account. Provided $20,000 of services and...
Required information [The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: 2018: 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. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates...