Leach Inc. experienced the following events for the first two
years of its operations:
Year 1:
Year 2:
a. Record the Year 1 events in general journal
form and post them to T-accounts. (If no entry is required
for a transaction/event, select "No journal entry required" in the
first account field.)
b. Prepare the income statement, statement of
changes in stockholders’ equity, balance sheet, and statement of
cash flows for Year 1. (Statement of Cash Flows and Balance
Sheet only: Items to be deducted must be indicated with a minus
sign.)
c. What is the net realizable value of the
accounts receivable at December 31, Year 1?
d. Repeat parts a, b, and c for Year 2.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Statement
of Cash Flows and Balance Sheet only: Items to be deducted must be
indicated with a minus sign. Round your answers to nearest whole
dollar.)
Leach Inc. experienced the following events for the first two years of its operations: Year 1:...
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...
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 $80,000 of services on account. Provided $35,000 of services and received cash. Collected $45,000 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 5 percent of the ending accounts receivable balance will be uncollectible. Year 2: Wrote off...
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 $12,000 of common stock for cash.Provided $80,200 of services on account.Provided $38,000 of services and received cash.Collected $71,000 cash from accounts receivable.Paid $40,000 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 receivable balance will be uncollectible.Closed the revenue account.Closed...
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 $11,000 of common stock for cash. 2. Provided $79,100 of services on account. 3. Provided $37,000 of services and received cash. 4. Collected $70,000 cash from accounts receivable. 5. Paid $39,000 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...
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...
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...
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...
[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...
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 $100,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $73,000 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...