stuck on this question... any help is appreciated!
Exercise 13-9A (Static) Recording receivables and identifying their effect on financial statements LO 13-1 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. Req AE and F Reg Band G Reqc RegD ReqH 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 "dfor closing entries.) Assets Cash Accounts Recetable Year 1 Year 1 End. Bat Year 2 End, Bal Year 2 nem Req A E and F Req B and G Reqc Reg D ReqH Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings a cash collection in the appropriate T-accounts. (Select "1, 2, or 3" for the transactions in the order they take place. Sel entries.) Assets Cash Accounts Receivable Year 1 Year 1 End. Bal. Year 2 End. Bal. Year 2 End. Bal. End. Bal. Stockholders' Equity Retained Earnings Service Revenue Year 1 Year 1 End, Bal. Year 2 End, Bal Year 2 End. Bal End. Bal Req AE and F Reg B and G Regc Reg D Reg H Show the Year 1 and Year 2 transactions in a horizontal statements model (Enter any decreases to account balances and cash outfiows with a minus sign in the Stat the initials OA to designate operating activity, FA to designate finance activity, IA to designate Investing activity and NC for net change in cash Not all cells require in DAVOS COMPANY Effect of Transactions on the Financial Statements for Year 1 and Year 2 Balance Sheet Income Statement Liabilities Stockholders' Equity Common Retained Earnings Stock Expense Revenue Assets Accounts Receivable Statement of Cash Flows No Cash Net Income Year 1 1 2 Bai Year 2 3 Bal + + Complete this question by entering your answers in the tabs below. Reg A E and F Reg Band G Reqc Reg D ReqH Determine the amount of revenue Davos would report on the Year 1 income statement. Revenue Required a. e. & f. Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings 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 for Year 2 Complete this question by entering your answers in the tabs below. Req AE and F Reg B and G Reqc Reg D ReqH Determine the amount of cash flow from operating activities Davos would report on the Year 1 statement of cash flows. Cash flow from operating activities Required a. e. & f. Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings acce 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 activ for Year 2 Complete this question by entering your answers in the tabs below. Reg A E and F Reg B and Reqc Reg D ReqH 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. Net income Cash flow from operating activities
