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 $25,740 of cleaning services on account. 2. Collected $20,592 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 $193 account receivable that was determined to be uncollectible. 2. Provided $30,039 of cleaning services on account. 3. Collected $26,585 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 for each year. 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: Required a. Organize the transaction data in accounts under an accounting equation for each year. 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. Organize the transaction data in accounts under an accounting equation for year 1. (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. Round your answers to the nearest whole dollar.) ROSIE DRY CLEANING Accounting Equation for the Year 1 Balance Sheet Event Assets NRV Accounts Equity Retained Accounts Titles for Retained Earnings Cash Receivable Earnings 1. Bal. 2. 3. + + Organize the transaction data in accounts under an accounting equation for year 2. (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. Round your answers to the nearest whole dollar.) ROSIE DRY CLEANING Accounting Equation for the Year 2 Event Bal. 1. Balance Sheet Assets Equity NRV Accounts Retained Cash Receivable Earnings 2. 3. + 4. + Bal. + Accounts Titles for Retained Earnings Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable Determine the following amounts for the Year 2 accounting period. (Round your answers to nearest whole dollar amount.) Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable