Question
Bulldog Auto Service was started on January 1, 2014. The company experienced the following events during its first two years of operation: Events Affecting 2014
Bulldog Auto Service was started on January 1, 2014. The company experienced the following events during its first two years of operation: |
Events Affecting 2014 |
1. | Provided $25,720 of repair services on account. |
2. | Collected $20,576 cash from accounts receivable. |
3. | Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the service revenue on account. |
Events Affecting 2015 |
1. | Wrote off a $193 account receivable that was determined to be uncollectible. |
2. | Provided $30,015 of repair services on account. |
3. | Collected $26,563 cash from accounts receivable. |
4. | Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the service revenue on account. |
Required |
a. | Organize the transaction data in accounts under an accounting equation for each year. (Round your answers to the nearest whole numbers. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) |
B. Determine the following amounts for the 2014 and another set for 2015 accounting period. (Round your answers to nearest whole dollar amount.) Net Income: Net cash flow from operating activites: Balance of accounts recieveable: Net realizable value of accounts recieveable: |
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