Business, 10.10.2021 08:00, Savageman4654
Davos Company performed services on account for $66,500 in Year 1. Davos collected $53,200 cash from accounts receivable during Year 1, and the remaining $13,300 was collected in cash during Year 2.
Required
a. e. & f. Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings account. Record the Year 2 cash collection in the appropriate T-accounts.
b. & g. Show the Year 1 and Year 2 transactions in a horizontal statements model.
c. Determine the amount of revenue Davos would report on the Year 1 income statement.
d. Determine the amount of cash flow from operating activities Davos would report on the Year 1 statement of cash flows.
h. Assuming no other transactions occur in Year 2, determine the amount of net income and the net cash flow from operating activities for Year 2.
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Davos Company performed services on account for $66,500 in Year 1. Davos collected $53,200 cash from...
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