Reference no: EM131026345
Davos Company performed services on account for $160,000.00 in 2016. Davos collected $120,000.00 cash from accounts receivable during 216, and the remaining $40,000.00 was collected in cash during 2017.
Required:
a. Record the 2016 transations in T-accounts
b. Record the 2016 transactions in a horizontal statements model like the following one:
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Event
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Assets
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+
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Liabilities
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Stockholders Equity
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Cash
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+
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Accounts Receivable
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=
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+
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+
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Retained Earnings
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Revenue
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-
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Expense
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=
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Net Income
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Cash Flow
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c. Determine the amount of revenue Davos would report on the 2016 income statement.
d. Determine th amount of cash flow from operating activities Davos would report on the 2016 statement of cash flows.
e. Open a T-account for retained Earnings, and close the 2016 Service Revenue account to the Retained Earnings account.
f. Record the 2017 cash collection in the appropiate T-accounts.
g. Record the 2017 transaction on a horizontal statements model like the one shown in requirement b.
h. Assuming no other transactions occur in 2017, determine the amount of net income and the net cash flow from operating activities for 2017.
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