Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation Events Affecting Year 1 1. Provided $27.520 of cleaning services on account. 2. Collected $22.016 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account: Events Affecting Year 2 1. Wrote off a $206 account receivable that was determined to be uncollectible. 2. Provided $32,116 of cleaning services on account. 3. Collected $28,423 cash from accounts receivable, 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account Required a. Organize the transaction data in accounts under an accounting equation b. Determine the following amounts: 1. (1) Net Income for Year 1 2 (2) Net cash flow from operating activities for Year 1. 3. (3) Balance of accounts receivable at the end of Year 1. 4 (4) Net realizable value of accounts receivable at the end of Year 1 c. Determine the following amounts: 1. (1) Net income for Year 2. 2. (2) Net cash flow from operating activities for Year 2. 3. (3) Balance of accounts receivable at the end of Year 2. 4 (4) Net realizable value of accounts receivable at the end of Year 2 Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 ReqB Reqc cos Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to account balantes with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.) ROSIE DRY CLEANING Accounting Equation for the Year 1 Balance Sheet Event Assets Equity Accounts Titles for Retained Cash Accounts Earnings Allowance Retained Receivable Earnings 1. 2. 3 Bal 0 0 Reg A1 Req A2 > 2. (2) Net cash flow from operating activities for Year 2 3. (3) Balance of accounts receivable at the end of Year 2 4. (4) Net realizable value of accounts receivable at the end of Year 2 Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Reg C Organize the transaction data in accounts under an accounting equation for Year 2. (Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.) ROSIE DRY CLEANING Accounting Equation for the Year 2 Balance Sheet Assets Equity Accounts Titles for Retained Earnings Accounts Allowance Retained Receivable Earnings Event Cash Bal HI 1 2 3 4 01+ Bal. 0 0 0 1. (1) Net Income for Year 2 2 (2) Net cash flow from operating activities for Year 2 3. (3) Balance of accounts receivable at the end of Year 2 4. (4) Net realizable value of accounts receivable at the end of Year 2 Complete this question by entering your answers in the tabs below. Reg A1 Req AZ ReqB Reg C Determine the following amounts for the Year 1 accounting period. (Round your answers to nearest whole dollar amount.) ho Net incomo Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable 3. (3) Balance of accounts recelvable at the end of Year 2. 4. (4) Net realizable value of accounts receivable at the end of Year 2. Complete this question by entering your answers in the tabs below. Req A1 Req A2 ReqB Reqc Determine the following amounts for the Year 2 accounting period. (Round your answers to nearest whole dollar am Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable ( ReqB Reqc >
