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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

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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 $45,000 of cleaning services on account 2. Collected $39.000 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 $300 account receivable that was determined to be uncollectible. 2. Provided $62,000 of cleaning services on account 3. Collected $61,000 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. Record the events for Year 1 and Year 2 in T-accounts b. Determine the following amounts: (1) Net income for Year 1. (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. Repeat Requirements b for the Year 2 accounting period. points Cash Retained Earnings Year 1 Beg Bal eBook End Bal Bal Year 2 End. Bal References Accounts Receivable Service Revenue Year 1 Year 1 Year 2 Year 2 End Bal End Bal Allowance for Doubtful Accounts Uncollectible Accounts Expense Year 1 Year 1 al Year 2 Year 2 End Bal End Bal at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1. c. Repeat Requirements b for the Year 2 accounting period. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the following amounts: (1) Net income for Year 1. (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. Show les (1) Net income for Year 1 (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. Repeat Requirements for the Year 2 accounting period. ces Complete this question by entering your answers in the tabs below. Required A Required B Required Repeat Requirements b for the Year 2 accounting period. (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

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