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Workshop 3 Problems Student Q Search Sheet Calibri (Body) , 12 - A- A = = = 0 5p Wrap Text AutoSum' . General $ % Merge & Center ) 0.00 Conditional Format Formatting as Table Cell Styles Insert Delete Format Clear Sort & Filter Home Insert Page Layout Formulas Data Review View Xcut Copy Paste Format BI U DA = = G24 x fx A B C D E F G H I 1 3.3 Calculation of Allowance for Uncollectibles using Percent of Revenue Method 2 Background Information: Donald Duck and Friends began operations on January 1, 2017 The following events occurred during the year J N O P Q R S T U V W X K L M Points: 32 items @ 1 pt. each = 32 points. 1 Provided lawn services on account for $90,000 2 Collected $82,000 cash from accounts receivable 3 Paid salaries to Mickey for the year of $30,000 4 Company estimates 2% of the on account revenue to be uncollectible based on percent of revenue method. a) Complete the accounting equation for the different transactions. 14 Event Donald and Friends Company Accounting Equation Assets Accounts Rec - Allowance Equity = Retained Earnings Service Revenue Salaries Expense Uncollectible accounts expense Total + S - - $ b) Prepare an income statement for 2017 Donald Duck and Friends Income Statement For the Year Ended December 31, 2017 30 Operating Expense Net Income 37 C) Prepare a year-end balance Sheet Donald Duck and Friends Balance Sheet As of December 31,2017 42 Accets Problem 3.1 Problem 3.2 Problem 3.3 Problem 3.4 Problem 3.5 Problem 3.6 + Ready @ - - - + 100% Workshop 3 Problems Student Q Search Sheet Home Insert , Xcut Copy View = D AutoSum' , General E Wrap Text Merge & Center Page Layout Formulas Data Review Calibri (Body) - 12 - A- A = = BI U DA = fx C D E F G H I 0 Paste 00 Format = Conditional Format Formatting as Table Cell Styles Insert Delete Format Clear Sort & Filter x G24 A B J K L M N O P Q R S T U V W X 22 23 b) Prepare an income statement for 2017 Donald Duck and Friends Income Statement For the Year Ended December 31, 2017 30 Operating Expense 34 Net Income 37 C) Prepare a year-end balance Sheet Donald Duck and Friends Balance Sheet As of December 31,2017 Assets 46 Total Assets 47 Liabilities 48 Stockholders Equity 49 50 Total Stockholders Equity 51 Total Liabilities and Stockholders Equity Problem 3.1 Problem 3.2 Problem 3.3 Problem 3.4 Problem 3.5 Problem 3.6 + Ready @ - - - + 100%