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Sun Corporation recelved a charter that authorized the issuance of 91,000 shares of $7 par common stock and 18,000 shares of $100 par. 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 13,650 shares of the $7 par common stock for $9 per share. January 12 Sold 1,800 shares of the 8 percent preferred stock for $110 per share. Apri1 5 Sold 18,200 shares of the $7 por common stock for $11 per share. December 31 During the year, earned $302, 900 in cash revenue and paid $235,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1 . The dividend will be paid on february 15 to stockholders of record on January 10 , Year 2. Year 2 February 15 Paid the cash dividend declared on December 31, Vear-1. March 3 Sold 2,700 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $14 per share. December 31 During the year, earned $250,100 in cash revenues and poid $174,900 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a so.25 per share dividend on the common stock. a. Organize the transaction data in accounts under an accounting equation for each year. 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. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2. (3) Balance of accounts receivable at the end of Year 2. (4) Net realizable value of accounts receivable at the end of Year 2. Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount. 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 $30,680 of cleaning services on account. 2. Collected $24,544 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 1 1. Provided $30.680 of cleaning services on account. 2. Collected $24,544 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. 1. Wrote off a $230 account recelvable that was determined to be uncollectible. 2. Provided $35,804 of cleaning services on account. 3. Collected $31,687 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. a. Organize the transaction data in accounts under an accounting equation for each year. 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. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2 . (3) Balance of accounts receivable at the end of Year 2 . (4) Net realizable value of accounts receivable at the end of Year 2 . Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount. 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 $30,680 of cleaning services on account. 2. Collected $24,544 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 $230 account receivable that was determined to be uncollectible. 2. Provided $35,804 of cleaning services on account. 3. Collected $31,687 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. a. Organize the transaction data in accounts under an accounting equation for each year. 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. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2. (3) Balance of accounts receivable at the end of Year 2. (4) Net realizable value of accounts receivable at the end of Year 2. Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2 . Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount. Sun Corporation recelved a charter that authorized the issuance of 91,000 shares of $7 par common stock and 18,000 shares of $100 par. 8 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 13,650 shares of the $7 par common stock for $9 per share. January 12 Sold 1,800 shares of the 8 percent preferred stock for $110 per share. Apri1 5 Sold 18,200 shares of the $7 por common stock for $11 per share. December 31 During the year, earned $302, 900 in cash revenue and paid $235,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1 . The dividend will be paid on february 15 to stockholders of record on January 10 , Year 2. Year 2 February 15 Paid the cash dividend declared on December 31, Vear-1. March 3 Sold 2,700 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 500 shares of the common stock as treasury stock at $14 per share. December 31 During the year, earned $250,100 in cash revenues and poid $174,900 for cash operating expenses. December 31 Declared the annual dividend on the preferred stock and a so.25 per share dividend on the common stock. a. Organize the transaction data in accounts under an accounting equation for each year. 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. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2. (3) Balance of accounts receivable at the end of Year 2. (4) Net realizable value of accounts receivable at the end of Year 2. Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount. 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 $30,680 of cleaning services on account. 2. Collected $24,544 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 1 1. Provided $30.680 of cleaning services on account. 2. Collected $24,544 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. 1. Wrote off a $230 account recelvable that was determined to be uncollectible. 2. Provided $35,804 of cleaning services on account. 3. Collected $31,687 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. a. Organize the transaction data in accounts under an accounting equation for each year. 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. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2 . (3) Balance of accounts receivable at the end of Year 2 . (4) Net realizable value of accounts receivable at the end of Year 2 . Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount. 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 $30,680 of cleaning services on account. 2. Collected $24,544 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 $230 account receivable that was determined to be uncollectible. 2. Provided $35,804 of cleaning services on account. 3. Collected $31,687 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. a. Organize the transaction data in accounts under an accounting equation for each year. 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. c. Determine the following amounts: (1) Net income for Year 2. (2) Net cash flow from operating activities for Year 2. (3) Balance of accounts receivable at the end of Year 2. (4) Net realizable value of accounts receivable at the end of Year 2. Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Organize the transaction data in accounts under an accounting equation for Year 2 . Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Determine the following amounts for the Year 1 accounting period. Note: Round your answers to nearest whole dollar amount. Determine the following amounts for the Year 2 accounting period. Note: Round your answers to nearest whole dollar amount

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