Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 4. 1. Provided $76,000 of services on account 2. Collected

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 4. 1. Provided $76,000 of services on account 2. Collected $45.800 cash from accounts receivable, 3. Pald $30,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: 15 points co Number of Days Past Due Current Allowance Balance Anount $15,200 5,900 3,700 1.600 Percent likely to be Uncollectible 0.01 0.05 0.10 0.30 0.50 31-60 Over 90 days Required a. Organize the transaction data in accounts under an accounting equation b. Prepare an income statement for Roth Service Co. for Year 1 c. What is the net realizable value of the accounts receivable at December 31, Year 12 Complete this question by entering your answers in the tabs below. Fequired Required Required organize the transaction data in accounts under an accounting equation, (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the coll blank. Not all cells will require entry) Required 4. a. Organize the transaction data in accounts under an accounting equation b. Prepare an income statement for Roth Service Co. for Year 1 c. What is the net realizable value of the accounts receivable at December 31, Year 1? 15 points Complete this question by entering your answers in the tabs below. Book Required A Required B Required Print References Organize the transaction data in accounts under an accounting equation (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) ROTH SERVICE CO. Horizontal Statements Model Assots Equity NRV Accounts Liabilities + Retained Receivable Earnings Event Cash Accounts Titles for Retained Earnings 1 2 3 4 Bal Required 3 > 4. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? 15 points Complete this question by entering your answers in the tabs below. Book Required A Requirede Required Print Prepare an income statement for Roth Service Co. for Year 1. References ROTH SERVICE CO. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 4. Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $15,200 5,900 3,700 1,600 3,800 Percent likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 5 points eBook Required a. Organize the transaction data id accounts under an accounting equation b. Prepare an income statement for Roth Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Print References Complete this question by entering your answers in the tabs below. Required A Required B Required What is the net realizable value of the accounts receivable at December 31, Year 1?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions