Exercise 3-9A (Algo) Recording receivables and Identifying their effect on financial statements LO 3-1 Davos Company...

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Exercise 3-9A (Algo) Recording receivables and Identifying their effect on financial statements LO 3-1 Davos Company performed services on account for $62,000 in Year 1. Davos collected $49,600 cash from accounts receivable during Year 1, and the remaining $12,400 was collected in cash during Year 2. Required b. 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. Complete this question by entering your answers in the tabs below. Req A E and F Req B and G Req C Req D Req H 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. (Select "1, 2, or 3" for the transactions in the order they take place. Select "cl" for closing entries.) Cash Year 1 49,600 Assets Accounts Receivable Year 1 End. Bal. 49,600 Year 2 End. Bal. Year 2 0 0 End. Bal. 49,600 Year 1 End. Bal. Year 2 End. Bal. Stockholders' Equity Retained Earnings Service Revenue Year 1 End. Bal. 0 0 End. Bal. Year 2 End. Bal. Exercise 3-9A (Algo) Recording receivables and Identifying their effect on financial statements LO 3-1 Davos Company performed services on account for $62,000 in Year 1. Davos collected $49,600 cash from accounts receivable during Year 1, and the remaining $12,400 was collected in cash during Year 2. Required b. 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. Complete this question by entering your answers in the tabs below. Req A E and F Req B and G Req C Req D Req H 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. (Select "1, 2, or 3" for the transactions in the order they take place. Select "cl" for closing entries.) Cash Year 1 49,600 Assets Accounts Receivable Year 1 End. Bal. 49,600 Year 2 End. Bal. Year 2 0 0 End. Bal. 49,600 Year 1 End. Bal. Year 2 End. Bal. Stockholders' Equity Retained Earnings Service Revenue Year 1 End. Bal. 0 0 End. Bal. Year 2 End. Bal.