Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $68,000 of services on account. 2. Collected $40,800 cash from accounts receivable. 3. Pald $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $20, 128 1,360 1,904 1,632 2,176 Percent Likely to Be Uncollectible .01 .05 .10 .30 .50 Required a. Record the above transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A General Required AT Accounts Required B Journal Required C Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Round your intermediate calculations and final answers to nearest whole dollar.) View transaction list Journal entry worksheet Die at 31. Year 12 Complete this question by entering your answers in the tabs below. 2 ok Required A Required AT General Accounts Required B Required C Journal Prepare the income statement for Vulcan Service Co. for Year 1. (Round your intermediate calculations and final answers to nearest whole dollar) ht nt VULCAN SERVICE CO. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 3 Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $68,000 of services on account. 2. Collected $40,800 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year, 4. Adjusted the accounts using the following information from an accounts receivable aging schedule. eBook Allowance Balance Hint Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $20,128 1,360 1.904 1.632 2,176 Percent likely to Be Uncollectible .01 .05 .10 .30 -50 Print Required a. Record the above transactions in general Journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Co. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A Required AT General Accounts Required B Joumal Required C What is the net realizable value of the accounts receivable at December 31, Year 17 (Round your intermediate calculations and final answer to nearest whole dollar.) Not realizable value
