Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent !!!! please help. correct the wrong inputs question 10 b) c) d) Exercise 7-4A (Algo) Effect of recognizing uncollectible accounts expense on financial statements:

urgent !!!! please help. correct the wrong inputs
question 10 image text in transcribed
b)
image text in transcribed
c)
image text in transcribed
d)
image text in transcribed
Exercise 7-4A (Algo) Effect of recognizing uncollectible accounts expense on financial statements: Percent of revenue allowance method LO 71 Rosle 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 $27,810 of cleaning services on account. 2. Collected $22,248 cash from accounts recelvable. 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 $209 account recelvable that was determined to be uncollectible. 2. Provided $32.454 of cleaning services on account. 3. Collected $28,722 cash from accounts recelvable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required: o. Organize the transaction data in accounts under an accounting equation for each year. b. Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. (4) Net realizable value of accounts recelvable at the end of Year 2 . Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Complete this question by entering your answers in the tabs below. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount

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