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 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 be uncollectible.
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- 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: 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 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 be uncollectible. Year 2: 1. Wrote off an uncollectible account for $650. 2. Provided $88,000 of services on account. 3. Provided $32,000 of services and collected cash. 4. Collected $81,000 cash from accounts receivable. 5. Paid $65,000 of salaries expense fer the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the endi ng…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 $70,000 of services on account. Provided $29,000 of services and received cash. Collected $41,000 cash from accounts receivable. Paid $22,000 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. Year 2: Wrote off an uncollectible account for $730. Provided $90,000 of services on account. Provided $25,000 of services and collected cash. Collected $72,000 cash from accounts receivable. Paid $22,000 of salaries expense for the year. 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.Required information [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 $70,000 of services on account. 3. Provided $33,000 of services and received cash. 4. Collected $37,000 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 6 percent. of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,590. 2. Provided $90,000 of services on account. 3. Provided $25,000 of services and collected cash. 4. Collected $72,000 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 6 percent of the…
- Required Information [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 $70,000 of services on account. 3. Provided $33,000 of services and received cash. 4. Collected $37,000 cash from accounts receivable. 5. Paid $22,000 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 be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,560. 2. Provided $90,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $72,000 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 5 percent of the…[The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $245,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $244,000 cash from accounts receivable. Paid $230,000 on accounts payable. Paid $48,000 of salaries expense for the year. Paid other operating expenses of $37,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $34,800 0.01 0 to 30 14,500 0.05 31 to 60 2,900 0.10 61 to 90 2,900 0.20 Over 90 days 2,900 0.50 b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1. could you take a look at…York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
- A corporation had $24,000 of cash at the beginning of the year. During the year, it had sales on account of $21,000 and cash receipts of $25,000 during the year. At the end of the year, it had $33,000 of cash. What was the corporation's cash disbursements for the year? O $24,000 O $12,000 O $28,000 O $18,000 O $16,000The following information applies to the questions displayed below.] Leach Incorporated 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 $33, 000 of services and received cash. Collected $47, 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 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: Wrote off an uncollectible account for $2, 690. Provided $100,000 of services on account. Provided $ 25,000 of services and collected cash. Collected $82,000 cash from accounts receivable. Paid $ 22,000 of salaries expense for the year. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be…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 $70,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $43,000 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 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,580. 2 Provided $90,000 of services on account. 3. Provided $20.000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $24.000 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. d-1. Organize the transaction data in…
- Required information [The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $235,000 of merchandise on account. Sold merchandise that cost $164,000 for $326,000 on account. Collected $274,000 cash from accounts receivable. Paid $220,000 on accounts payable. Paid $46,000 of salaries expense for the year. Paid other operating expenses of $35,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $31,200 0.01 0 to 30 13,000 0.05 31 to 60 2,600 0.10 61 to 90 2,600 0.20 Over 90 days 2,600 0.50 Required a. Record the given transactions in general journal form and post to T-accounts. Record the given transactions in general journal form. Record entry…Roth Inc. experienced the following transactions for year 1, its first year of operations: Issued common stock for $50,000 cash. Purchased $140,000 of merchandise on account. Sold merchandise that cost $110,000 for $250,000 on account. Collected $236,000 cash from accounts receivable. Paid $118,000 on accounts payable. Paid $50,000 of salaries expense for the year. Paid other operating expenses of $28,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of DaysPast Due Amount Percent Likely toBe Uncollectible AllowanceBalance Current $ 10,000 0.01 0−30 2,000 0.05 31−60 1,200 0.10 61−90 500 0.20 Over 90 days 300 0.50 Required for question: Step A: Journal form and T posts Step B: Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Inc. for year 1 Step c: What is the net realizable value of the accounts…Holloway Company earned $6,200 of service revenue on account during Year 1. The company collected $5,270 cash from accounts recievable during Year 1. a. the balance of the accounts recievable that would be reported on the Decmeber 31,Year1,balance sheet b. the amount of net income that would be reported on the Year 1 income statement. c. the amount of net cash flow from operating activites that would be reported on the Year 1 statement of cash flows d. the amount of retained earnings that would be reported on the Year 1 balance sheet