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$1$ Required information

$[$The following information applies to the questions displayed below.$]$

The following transactlons apply to Jova Company for Year $1,$ the first year of operation:

Issued $$14,500$ of common stock for cash.

Recognized $$69\mathrm{.}500$ of service revenue earned on account.

Collected $$61,600$ from accounts recelvable.

Pald operating expenses of $$35,800.$

Adjusted accounts to recognize uncollectble accounts expense. Jova uses the allowance method of accounting for

uncollectlble accounts and estimates that uncollectible accounts expense will be $2$ percent of sales on account.

The following transactions apply to Jova for Year $2.$

Recognized $$77,000$ of service revenue on account.

Collected $$69,600$ from accounts recelvable.

Determined that $$990$ of the accounts recelvable were uncollectible and wrote them off.

Collected $$100$ of an account that had prevlously been written off.

Pald $$49,400$ cash for operating expenses.

Adjusted the accounts to recognize uncollectible accounts expense for Year $2$ Jova estimates uncollectible accounts

expense will be $1\mathrm{.}0$ percent of sales on account.

Required

Complete the following requirements for Year $1$ and Year $2$ Complete all requirements for Year $1$ prior to beginning the

requirements for Year $2$

d$-2$ Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year

$2$

Complete this question by entering your answers in the tabs below.

Req D$2$ Inc

Req D$2$ Stmt

Req D$2$ Bal

Req D$2$ Stmt

Stmt

of Changes

Sheet

of Cash Flows

Prepare the income statement for Year $2.$ Required information

$[$The following information applles to the questions ollsplayed below.$]$

The following transactions apply to Jova Company for Year $1,$ the first year of operation:

Issued $$14,500$ of common stock for cash.

Recognized $$69,500$ of service revenue earned on account.

Collected $$61,600$ from accounts recelvable.

Pald operating expenses of $$35,800.$

Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for

uncollectible accounts and estimates that uncollectible accounts expense will be $2$ percent of sales on account.

The following transactions apply to Jova for Year $2$ :

Recognized $$77,000$ of service revenue on account.

Collected $$69,600$ from accounts recelvable.

Determined that $$990$ of the accounts recelvable were uncollectible and wrote them off.

Collected $$100$ of an account that had prevlously been written off.

Pald $$49\mathrm{.}400$ cash for operating expenses.

Adjusted the accounts to recognize uncollectible accounts expense for Year $2$ Jova estimates uncollectible accounts

expense will be $1\mathrm{.}0$ percent of sales on account.

Required

Complete the following requirements for Year $1$ and Year $2$ Complete all requirements for Year $1$ prior to beginning the

requirements for Year $2$

d$-2$ Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year

$2$

Complete this question by entering your answers in the tabs below.

Req D$2$ Inc

Req D$2$ Stmt

Req D$2$ Bal

Req D$2$ Stmt

Stmt

of Changes

Sheet

of Cash Flows

Prepare the statement of changes in stockholders' equity for Year $2.$

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