Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations:

Provided $84,000 of services on account.

Collected $50,400 cash from accounts receivable.

Paid $30,000 of salaries expense for the year.

Adjusted the accounts using the following information from accounts receivable aging schedule:

Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance
Current $24,864 0.01
0-30 1,680 0.05
31-60 2,352 0.10
61-90 2,016 0.30
Over 90 days 2,688 0.50

Required:

a. Record the above transactions in general journal form and post to T-accounts.

b. Prepare the income statement for Vulcan Service Co. for Year 1.

c. What is the net realizable value of the accounts receivable at December 31, Year 1?

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

You are attending college in the fall and you need to purchase a computer. you must finance the purchase because your parents will not purchase it for you, and you do not have the cash on hand to purchase it. in blank #1 determine which type of credit would you use to finance your purchase (installment, non-installment, or revolving credit). (2 points) in blank #2 defend your credit choice by explaining why your financing option is the best option for you. (2 points) in blank #3 explain why you selected that credit option over the other two options available. (2 points)

What is an equation of the line in slope intercept formm = 4 and the y-intercept is (0,5)y = 4x-5y = -5x +4y = 4x + 5y = 5x +4