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Question - Davos Company performed services on account for $69,000 in Year 1. Davos collected $55,200 cash from accounts receivable during Year 1, and the remaining $13,800 was collected in cash during Year 2.
Required -
1. 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.
2. Show the Year 1 and Year 2 transactions in a horizontal statements model.
3. Determine the amount of revenue Davos would report on the Year 1 income statement.
4. Determine the amount of cash flow from operating activities Davos would report on the Year 1 statement of cash flows.
5. 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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