Owi 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 $35,000 of services and received cash.4. Collected $35,000 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 percentof the ending accounts receivable balance will be uncollectible.Year 2:1. Wrote off an uncollectible account for $2,640.2. 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 $32,000 of salaries expense for the year.6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of theending accounts receivable balance will be uncollectible.Required:a. Organize the transaction data in accounts under an accounting equation.Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Required:a. Organize the transaction data in accounts under an accounting equation.Note: Enter any decreases to account balances with a minus sign. Not all cells require input.Event1.2.3.4.5.6.BalanceCashAssets++0+NRV AccountsReceivablew0=LEACH INCORPORATEDAccounting Equation for Year 1EquityLiabilitiesCommonStock++++0+RetainedEarnings0Account Titles for Retained Earnings

The accounting equation states that assets are equal to the sum of liabilities and equity. 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 $35,000 of services and received cash. 4. Collected $35,000 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.

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 $35,000 of services and received cash. 4. Collected $35,000 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $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…
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 for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the endi ng…
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…
[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…
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: 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…
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 $16,000
Leach Incorporated experienced the following events for the first two years of its operations. Year 1: Issued $24,000 of common stock for cash. Provided $93,400 of services on account. Provided $50,000 of services and received cash. Collected $83,000 cash from accounts receivable. Paid $52,000 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 the expense accounts. Year 2: Wrote off an uncollectible account for $1,350. Provided $102,000 of services on account. Provided $46,000 of services and collected cash. Collected $95,000 cash from accounts receivable. Paid $79,000 of salaries expense for the year. 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. Closed the…
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[The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. c. Identify the asset source transactions and related amounts for Year 1. Sources of Assets Event Total sources of assets Amount
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