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LE Copy Calibri 12 - A A = Wrap Text General Paste Format Painter B / U . . A . IF Merge & Center - $ Clipboard Font Conditional Alignment Number Formatting - as T G24 A C D G 1 3.3 Calculation of Allowance for Uncollectibles using Percent of Revenue Method Background Information: Donald Duck and Friends began operations on January 1, 2017 Points: 32 items @ 1 4 3 The following events occurred during the year 5 6 1 Provided lawn services on account for $90,000 7 2 Collected $82,000 cash from accounts receivable 8 3 Paid salaries to Mickey for the year of $30,000 9 4 Company estimates 2% of the on account revenue to be uncollectible based on percent of revenue method. 10 a) Complete the accounting equation for the different transactions. 11 12 Donald and Friends Company 13 Accounting Equation 35 14 Event Assets Equity 15 Cash Accounts Rec- Allowance Retained Earnings 36 16 Service Revenue 37 C) Prepare a year-end balance Sheet 17 2 18 3 Salaries Expense 38 Donald Duck and Friends 19 Uncollectible accounts expense 39 20 Total S Balance Sheet 21 40 As of December 31,2017 22 23 b) Prepare an income statement for 2017 41 14 4 , " Problem 3.1 Problem 3.2 Problem 3.3 Problem 3.4 Problem 3.5 Problem 3.6