Required information Problem 7-20A (Algo) Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 [The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1 , its first year of operations: 1. Issued common stock for $80,000 cash. 2. Purchased $235,000 of merchandise on account. 3. Sold merchandise that cost $154,000 for $306,000 on account. 4. Collected $252,000 cash from accounts receivable. 5. Paid $220,000 on accounts payable. 6. Paid $62,000 of salaries expense for the year. 7. Paid other operating expenses of $51,000. 8. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Problem 7-20A (Algo) Part b b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1. Prepare the balance sheet for Roth Incorporated for Year 1. (Enter amounts to be deducted with a minus sign.)