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please complete whats missing. The answers so far are correct, but not complete Davos Company performed services on account for $160.000 in Year 1. Davos
please complete whats missing. The answers so far are correct, but not complete
Davos Company performed services on account for $160.000 in Year 1. Davos collected $120,000 cash from accounts receivable during Year 1, and the remaining $40,000 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. Complete this question by entering your answers in the tabs below. 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 " C " for closing entries.) cash collection in the appropriate T-accounts. (Select "1. 2. or 3" for the traneartinne in tho nrfar thau tava niaro caigct " DAYOS COMPANY Ellect at Transactions on the Finencial 5 tutements for Year 1 and Year 2 Step by Step Solution
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