T-account analysis
Excerpts from the financial statements of Tree Tops Services are as follows.
|
2012 |
2011 |
|
|
Balance Sheet: |
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|
Account receivable |
$2,500 |
$3,100 |
|
Unearned revenue |
1,300 |
2,600 |
|
Income Statement: |
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|
Revenues from services |
54,700 |
49,800 |
|
Statement of cash flow: |
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|
Net cash from operations |
62,400 |
58,700 |
Note: Net cash from operations consists of two components: (1) cash collections from services rendered and (2) cash payments due to operating activities.
REQUIRED:
For 2012, compute (1) cash collections from services rendered and (2) cash payments due to operating activities.