I need help. Please answer accordingly in table form just as in the question. Th
ID: 2337919 • Letter: I
Question
I need help. Please answer accordingly in table form just as in the question. Thank you.
(Question 2i)
(Question 2ii)
Roth Service Co. experienced the following transactions for 2018, its first year of operation:s 1. Provided $78,000 of services on account. 2. Collected $48,400 cash from accounts receivable 3. Paid $30,000 of salaries expense for the year 4. Roth 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 $15,400 5,600 3,800 1,100 3,700 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Required a. Organize the information in accounts under an accounting equation. b. Prepare an income statement for Roth Service Co. for 2018 c. What is the net realizable value of the accounts receivable at December 31, 2018? Complete this question by entering your answers in the tabs below.Explanation / Answer
Post 2 ii seperately .
No of Days Past Due Amount Percent Likely to be Uncollectible Allowance Balance Current $15,400 0.01 $154 0-30 $5,600 0.05 $280 31-60 $3,800 0.1 $380 61-90 $1,100 0.3 $330 over 90 days $3,700 0.5 $1,850 $2,994 a Event cash Accounts Receivable Allowance Liabilities Equity/Retained Earnings Account Titles for RE 1 $78,000 $78,000 Service Revenue 2 $48,400 ($48,400) NA 3 ($31,000) ($31,000) Salaries Expenses 4 $2,994 $2,994 Allowance for Doubtful Debts Balance $17,400 $29,600 $2,994 0 $49,994 b Income Statement Service Revenue $78,000 Operating Expenses Salaries Expenses $31,000 Uncollectible Account Exp $2,994 Total Operating Exp $33,994 Net Income $44,006 c Net Realizable Value Accounts Receivable $29,600 Less Allowance for Doubtful accounts $2,994 NRV $26,606