Rosie 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 Provided $28,510 of cleaning services on account. Collected $22,808 cash from accounts receivable. 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 Wrote off a $214 account receivable that was determined to be uncollectible. Provided $33,271 of cleaning services on account. Collected $29,445 cash from accounts receivable. 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 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.

Rosie Dry Cleaning

a. T- accounts:

Cash Account (Partial)

Account Titles            Debit    Credit

Year 1:

Accounts receivable $22,808

Year 2:

Accounts receivable $29,445

Accounts Receivable

Account Titles          Debit    Credit

Year 1:

Service Revenue   $28,510

Cash                                     $22,808

Balance                                   $5,702

Year 2:

Balance                   $5,702

Allowance for Uncollectible    $214

Service Revenue  $33,271

Cash                                  $29,445

Balance                                $9,314

Service Revenue

Account Titles          Debit    Credit

Year 1:

Accounts Receivable         $28,510

Income Summary   $28,510

Year 2:

Accounts Receivable         $33,271

Income Summary  $33,271

Bad Debts:

Account Titles             Debit   Credit

Year 1:

Allowance for

 uncollectibles           $285

Income Summary                    $285

Year 2:

Allowance for

 uncollectibles           $262

Income Summary                    $262

Allowance for Uncollectible Accounts

Account Titles             Debit   Credit

Year 1:

Bad Debts Expense                $285

Year 2:

Accounts Receivable $214

Bad Debts Expense                 262

Balance                        333

b. Amounts:

(1) Net income for Year 1:

= $28,225

(2) Net cash flow from operating activities for Year 1:

= $22,808

(3) Balance of accounts receivable at the end of Year 1:

=  $5,702

(4) Net realizable value of accounts receivable at the end of Year 1.

= $5,417

Explanation:

a) Data and Calculations:

Year 1:

Accounts Receivable $28,510 Service Revenue $28,510

Cash $22,808 Accounts Receivable $22,808

Bad Debts Expense $285 Allowance for Uncollectible accounts $285 ($28,510 * 1%)

Year 2:

Allowance for Uncollectible $214 Accounts Receivable $214

Accounts Receivable $33,271 Service Revenue $33,271

Cash $29,445 Accounts Receivable $29,445

Bad Debts Expense $262 Allowance for Uncollectible accounts $262

(1) Net income for Year 1:

Service Revenue $28,510

Bad Debts Expense   285

Net Income =      $28,225

(2) Net cash flow from operating activities for Year 1:

Cash from customers $22,808

(3) Balance of accounts receivable at the end of Year 1:

Service Revenue $28,510

Cash                    $22,808

Balance                 $5,702

(4) Net realizable value of accounts receivable at the end of Year 1.

Account Receivable Balance = $5,702

Allowance for Uncollectibles        (285)

Net realizable value =                $5,417

a

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