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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 1. Provided $26,990 of cleaning services on account. 2. Collected $21,592 cash from accounts receivable. 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 $202 account recelvable that was determined to be uncollectible. 2. Provided $31,497 of cleaning services on account. 3. Collected $27,875 cash from accounts recelvable. 4. Adjusted the accounting records to reflect the estimate that uncoliectible accounts expense would be 1 percent of the cleaning revenue on account. Required a. Record the events for Year 1 and Year 2 (including closing entries for Year 1 ) 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 recelvable at the end of Year 1 . (4) Net realizable value of accounts recelvable at the end of Year 1 . c. Repeat Requirement b for the Year 2 accounting period. Record the events for Year 1 and Year 2 (including closing entries for Year 1) in T-accounts. (Round your answers to nearest whole dollar.) Determine the following amounts: (Round your intermediate calculations to nearest whole dollar.) (1) Net income for Year 1 . (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts recelvable at the end of Year 1. (4) Net realizable value of accounts recelvable at the end of Year 1. Repeat Requirement b for the Year 2 accounting period. (Round your intermedlate calculations to nearest whole dollar.)

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