Safari B File Edit View History Bookmarks Window Help Week 3 Homework i 5 points eBook < Print References Mc Graw Hill M Req A M Event 1. 2. 3a. 3b. 4. 5. 6. 7. 8. Bal. 1 a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Req B Inc Req B Stmt of Stmt Changes Assets Cash (90,000) + + + + + + + + + M + + P (90,000) + Organize the transaction data in accounts under an acco Assessment Tool iFrame er any decreases to account balances with a minus sign. If there is Accounts Titles for Retained Earnings, leave the cell blank.) NRV Accounts Receivable MAR 4 1 + + + + + + + + zm + + 0 + Req B Bal Sheet Merchandise Inventory = 200,000 = = = ezto.mheducation.com SAGE INC. Accounting Equation for the Year 1 Liabilities + Accounts Payable = = = zm 200,000 = Saved Prev Req B Stmt Cash Flows SANDNES UN tv < + + J + + + + + + + 0 + M 3 Home... + 1 of 6 Req A AR NOVA Req C Common Stock D Equity + + + + + + + + + + 0 + Retained Earnings b Next > 0 Help Accounts Titles for Retained Earnings Req B Inc Stmt > B A Save & Exit Submit Check my work S W 2 + b DOCX t 202... i Company A Revenue Depreciation Expense Net Income Company B Revenue Depreciation Expense Net Income Company C Revenue YAZILAE 20 20 C +/- 7 4 Year 1 $ Depreciation Expense $ Net Income $ 1 Year 1 $ $ $ Year 1 $ 77,000 $ (44,000) $ 33,000 8 5 2 77,000 (20,250) 56,750 77,000 (24,948) 52,052 Fri Mar 1 7:09 PM Screenshot 2024-0....57.59 PM 700 0 20z4-v....35.27PM 2U24-U.....SIM in w % Screenshot Screenshot 2024-0....55.39 PM 2024-0....57.58 PM TT 9 6 Screenshot Screenshot 2024-0....01.31 PM 2024-0....26.19 PM 3 X I + Ò The Force of nature

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

Sage Inc. experienced the following transactions for Year 1, its first year of operations:

Issued common stock for $90,000 cash.
Purchased $200,000 of merchandise on account.
Sold merchandise that cost $156,000 for $310,000 on account.
Collected $278,000 cash from accounts receivable.
Paid $180,000 on accounts payable.
Paid $52,000 of salaries expense for the year.
Paid other operating expenses of $68,000.
Sage 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	$	19,200		0.01
0–30		8,000		0.05
31–60		1,600		0.10
61–90		1,600		0.20
Over 90 days		1,600		0.50

Required

Organize the transaction data in accounts under an accounting equation.
Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1.
What is the net realizable value of the accounts receivable at December 31, Year 1?