Exercise 5-10A (Algo) Accounting for uncollectible accounts: Use of an aging schedule LO 5-2 and LO...

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Exercise 5-10A (Algo) Accounting for uncollectible accounts: Use of an aging schedule LO 5-2 and LO 5- 3 Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $41,600 cash from accounts receivable. 3. Paid $30,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Percent Likely to Be Number of Days Past Duel Amount Uncollectible Allowance Balance Current $16,300 0.01 0-30 5,500 0.05 31-60 3,600 0.10 61-90 1,900 0.30 Over 90 days 3,100 8.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. 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. es Required A Required B Required C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.) ROTH SERVICE CO. Horizontal Statements Model Assots Event NRV Accounts Cash Receivable 1. Bal 2 3. 4 Liabilities Equity Retained Accounts Titles for Retained Earnings Earnings Required A Required B > a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. 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. nces Required A Required B Required C Prepare an income statement for Roth Service Co. for Year 1. ROTH SERVICE CO. Income Statement For the Year Ended December 31, Year 11 Operating expenses Total operating expenses < Required A Required C > Percent Likely to Be Allowance Number of Days Past Due Current Amount $16,300 Uncollectible Balance 0.01 0-30 5,500 0.05 31-60 3,600 0.10 61-90 1,900 0.30 Over 90 days 3,100 0.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. 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. Required A Required B Required C What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value < Required B Required C > Exercise 5-10A (Algo) Accounting for uncollectible accounts: Use of an aging schedule LO 5-2 and LO 5- 3 Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $41,600 cash from accounts receivable. 3. Paid $30,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Percent Likely to Be Number of Days Past Duel Amount Uncollectible Allowance Balance Current $16,300 0.01 0-30 5,500 0.05 31-60 3,600 0.10 61-90 1,900 0.30 Over 90 days 3,100 8.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. 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. es Required A Required B Required C Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.) ROTH SERVICE CO. Horizontal Statements Model Assots Event NRV Accounts Cash Receivable 1. Bal 2 3. 4 Liabilities Equity Retained Accounts Titles for Retained Earnings Earnings Required A Required B > a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. 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. nces Required A Required B Required C Prepare an income statement for Roth Service Co. for Year 1. ROTH SERVICE CO. Income Statement For the Year Ended December 31, Year 11 Operating expenses Total operating expenses < Required A Required C > Percent Likely to Be Allowance Number of Days Past Due Current Amount $16,300 Uncollectible Balance 0.01 0-30 5,500 0.05 31-60 3,600 0.10 61-90 1,900 0.30 Over 90 days 3,100 0.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. 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. Required A Required B Required C What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value < Required B Required C >