Big A s Auto Service was started on January 1 2012

Big A’s Auto Service was started on January 1, 2012. The company experienced the following
events during its first two years of operation.Events Affecting 20121. Provided $30,000 of repair
services on account.2. Collected $25,000 cash from accounts receivable.3. Adjusted the
accounting records to reflect the estimate that uncollectible accounts expense would be 1
percent of the service revenue on account.Events Affecting 20131. Wrote off a $280 account
receivable that was determined to be uncollectible.2. Provided $35,000 of repair services on
account.3. Collected $31,000 cash from accounts receivable.4. Adjusted the accounting records
to reflect the estimate that uncollectible accounts expense would be 1 percent of the service
revenue on account.Requireda. Organize the transaction data in accounts under an accounting
equation.b. Determine the following amounts:(1) Net income for 2012.(2) Net cash flow from
operating activities for 2012.(3) Balance of accounts receivable at the end of 2012.(4) Net
realizable value of accounts receivable at the end of 2012.c. Repeat Requirement b for the
2013 accounting period.View Solution:
Big A s Auto Service was started on January 1 2012
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