Saved Help Sa Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $ 7,800 4,500 2,000 2,200 2,500 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 Required a. Organize the transaction data in accounts under an accounting equation. (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.) VULCAN SERVICE CO. Accounting Equation for the Year 1 Equity Common Retained Allowance stock Earnings Assets Accounts Receivable Event Accounting Titles for Retained Earnings Cash 1. + 2. + Other operating expenses 3. 4. + Revenue Bal. = + Salaries expense Service revenue Uncollectible accounts expense b. Prepare the income statement for Vulcan Service Co. for Year 1. VULCAN SERVICE CO. Prev 1 of 2 HT Next > b. Prepare the income statement for Vulcan Service Co. for Year 1. VULCAN SERVICE CO. Income Statement For the Year Ended December 31, Year 1 Operating expenses Accounts receivable Allowance for doubtful accounts Cash Common stock Credit card expense c. What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value Prev 1 of 2 Next >