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 $33,910 of cleaning services on account 2. Collected $27128 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 $254 account receivable that was determined to be uncollectible. 2. Provided $39,573 of cleaning services on account. 3. Collected $35,022 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) Net income for Yeart (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1 c. Determine the following amounts: (1) Net Income for Year 2 (2) Net cash flow from operating activities for Year 2. 121 Balance of arrinte roronhle at the end of Year Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req B Reg C Dok Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to account minus sign. Not all cells require input.) = Event ROSIE DRY CLEANING Accounting Equation for Year 1 Balance Sheet Assets Liabilities Equity Account Titles for Retained NRV + Retained Earnings Cash Accounts Earnings Receivable 33,910 = 33,910 Service revenue 27 128 (27.128) Salaries expense (339) = (339) Uncollectible accounts expense 27,128 + 6,443 = 0 + 33,571 + ces + 1. 2. + ++ 3. + Bal. ROGAI Req A2 > Prey 1 of 5 IE Next > Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Req B ReqC Organize the transaction data in accounts under an accounting equation for Year 2. (Enter any decreases to accou minus sign. Not all cells require input.) ROSIE DRY CLEANING Accounting Equation for Year 2 Balance Sheet Assets Liabilities Equity NRV Accounts Retained Receivable Earnings Event Account Titles for Retained Earnings Cash Bal. 1 1. + + + 2. 111111111 3. 4. Bal. 0 0 = + ok Complete this question by entering your answers in the tabs below. ht Req A1 Req A2 Req B Reg C ht Determine the following amounts for the Year 1 accounting period. (Round your answers to ne nces Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable MICILV FUU (4) Net realizable value of accounts receivable at the end of Year 1. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2. (3) Balance of accounts receivable at the end of Year 2. (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 Req B ReqC Determine the following amounts for the Year 2 accounting period. (Round your answe es Net income Net cash flow from operating activities Balance of accounts receivable Net realizable value of accounts receivable
