Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is all one question ces Events Affecting Year 1 1. Provided $30,200 of cleaning services on account. 2. Collected $24,160 cash from accounts receivable.

this is all one question
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
ces Events Affecting Year 1 1. Provided $30,200 of cleaning services on account. 2. Collected $24,160 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 $227 account receivable that was determined to be uncollectible. 2. Provided $35,243 of cleaning services on account. 3. Collected $31,190 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 (including closing entries for Year 1) 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 Requirement b for the Year 2 accounting period. Required A Required B. Required C Record the events for Year 1 and Year 2 (including closing entries for Year 1) in T-accounts. (Round your answers to nearest whole dollar.. Cash Retained Earnings Year 1 Beg. Bal. Bal End, Bal Year 2 End. Bal. Accounts Receivable Service Revenue Year 1 Year 1 Bal. Year 2 Bal. Year 2 Frut Ral End Ral es Bal Year 2 End. Bal. Year 1 Bal. Year 2 End. Bal. Allowance for Doubtful Accounts Bal. Year 2 End. Bal, Year 1 Bal. Year 2 End. Bal. c. Repeat Requirement b for the Year 2 accounting period. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the following amounts: (Round your intermediate calculations to nearest whole dollar.) (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. (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 Dalance un accounts receivable at the end of real . (4) Net realizable value of accounts receivable at the end of Year 1. c. Repeat Requirement b for the Year 2 accounting period. Complete this question by entering your answers in the tabs below. Required A Required B Required C Repeat Requirement b for the Year 2 accounting period. (Round your intermediate calculations to nearest (1) Net income for Year 21 (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

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