Rosie Dry Cleaning was started on January 1, 2018. Itexperienced the following events during its first two years ofoperation:

Events Affecting 2018

1. Provided $32,050 of cleaning services on account.
2. Collected $25,640 cash from accounts receivable.
3. Adjusted the accounting records to reflect the estimate thatuncollectible accounts expense would be 1 percent of the cleaningrevenue on account.

Events Affecting 2019

1. Wrote off a $240 account receivable that was determined to beuncollectible.
2. Provided $37,402 of cleaning services on account.
3. Collected $33,101 cash from accounts receivable.
4. Adjusted the accounting records to reflect the estimate thatuncollectible accounts expense would be 1 percent of the cleaningrevenue on account.

Required

1. Organize the transaction data in accounts under an accountingequation for each year.
2. Determine the following amounts:

1. (1) Net income for 2018.
2. (2) Net cash flow from operating activitiesfor 2018.
3. (3) Balance of accounts receivable at the endof 2018.
4. (4) Net realizable value of accountsreceivable at the end of 2018.

3. Determine the following amounts:

1. (1) Net income for 2019.
2. (2) Net cash flow from operating activitiesfor 2019.
3. (3) Balance of accounts receivable at the endof 2019.
4. (4) Net realizable value of accountsreceivable at the end of 2019.