Exercise 7-8A (Static) Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $ 7,800 4,500 2,000 2,200 2,500 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 Allowance Balance Required: a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?

repare the income statement for Vulcan Service Company for Year 1. Complete this question by entering your answers in the tabs below. What is the net realizable value of the accounts receivable at December 31 , Year 1 ? Exercise 7-8A (Static) Accounting for uncollectible accounts: percent of receivables allowance method LO 72,73 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule Required: a. Organize the transaction data in accounts under an accounting equation b. Prepare the income statement for Vulcan Service Company for Year 1 c. What is the net realizable value of the accounts recelvable at December 31 , Year 1 ? Required: a. Organize the transaction data in accounts undet an accounting equation. b. Prepare the income statement for Vulcan Service Company 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. Organize the transaction data ia accounts under an accounting equation