HELP! netmarble voting po Saved Required information The folowing information ap
ID: 2342593 • Letter: H
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HELP! netmarble voting po Saved Required information The folowing information applies to the questions displayed below Leach inc. experienced the following events for the first two years of its operations 2018 t Issued $10,000 of common stock for cash. 2 Provided $120,000 of services on account. 3. Provided $31,000 of services and received cash 4 Collected $89,000 cash from accounts receivable. 5. Paid $18,000 of salaries expense for the year 6. Adjusted the accounting records to reflect uncollectible accounts expense records to refet uncolectble accounts expense for the yeat Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 2019: 1 Wrote off an uncollectible account for $710 2 Provided $140,000 of services on account. 3 Provided $30,000 of services and collected cash 4 Collected $122,000 cash from accounts receivable. 5. Paid $20,000 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 ending accounts receivable balance will be uncollectible -1. Organize the transaction data in accounts under an accounting equation for 2019 -2. Prepare an income statement for 2019 -3. Prepare the statement of changes in stockholders' equity for 2019 -4. Prepare the balance sheet for 2019. -5. Prepare the statement of cash flows for 2019 -6. What is the net realizable value of the accounts receivable at December 31, 2019 Complete this question by entering your answers in the tabs below. Reg D1Req D2 Reg D3 Reg D4 Reg D5 Req De Organize the transaction data in accounts under an accounting equation for 2019. (Round your intermediate calcufations and final answers to the nearest whole do Enter any decreases to account balances with a minus sign. Select "NA" it there is no effect on the "Accounts Titles for Retained Earnings"Explanation / Answer
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Leach Inc. Accounting Equation for the year 2019 Assets Liabilities Stockholders Equity Event Cash + Accounts Receivable - Allowance = Liabilities + Common Stock + Retained Earnings Account Titles for Retained Earnings Bal., 12/31/18 112,000 31,000 1,550 0 10,000 131,450 1. - 710 - 710 NA 2. 140,000 140,000 Service Revenue 3. 30,000 30,000 Service Revenue 4. 122,000 - 122,000 NA 5. -20,000 - 20,000 Salaries Expense 6. 1,575 -1,575 Bad Debt Expense Bal. 12/31/19 244,000 48,290 2,415 0 10,000 279,875Related Questions
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