Uncollectible accounts expense is estimated to be 1 percent

Reference no: EM13608557

The following transactions apply to Baker Co. for 2010, its first year of operations.

1. Issued $130,000 of common stock for cash.

2. Provided $96,000 of services on account.

3. Collected $82,000 cash from accounts receivable.

4. Loaned $13,000 to BBC on September 1, 2010. The note had a one-year term to maturity and an 10 percent interest rate.

5. Paid $42,000 of salaries expense for the year.

6. Paid a $3,000 dividend to the stockholders.

7. Recorded the accrued interest on December 31, 2010 (see item 4).

8. Uncollectible accounts expense is estimated to be 1 percent of sales on account. Prepare the income statement, balance sheet, and statement of cash flows for 2010.

Reference no: EM13608557

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