Rosie Dry Cleaning was started on January 1 , ?Year 1 . ?It experienced the following events
Question:
Rosie Dry Cleaning was started on January ?Year ?It experienced the following events during its first two years of operation:
Events Affecting Year
Provided $ ?of cleaning services on account.
Collected $ ?cash from accounts receivable.
Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be ?percent of the cleaning revenue on account.
Events Affecting Year
Wrote off a $ ?account receivable that was determined to be uncollectible.
Provided $ ?of cleaning services on account.
Collected $ ?cash from accounts receivable.
Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be ?percent of the cleaning revenue on account.
Required:
Organize the transaction data in accounts under an accounting equation for each year.
Determine the following amounts:
?Net income for Year
?Net cash flow from operating activities for Year
?Balance of accounts receivable at the end of Year
?Net realizable value of accounts receivable at the end of Year
Determine the following amounts:
?Net income for Year
?Net cash flow from operating activities for Year
?Balance of accounts receivable at the end of Year
?Net realizable value of accounts receivable at the end of Year Complete this question by entering your answers in the tabs below.