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HELP!!! Raylan recelved a $57,500 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to
HELP!!!
Raylan recelved a $57,500 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required a. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d1. Determine the amount of net income on the Year 1 income statement d2. What is the amount of net cash flow from operating activities for Year 1? e. What amount of liabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Reg A and B Reqc Reg Di Reg D2 Reg E Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Cash Unearned Revenue Beg Bal Beg Bal Show All items End. Bal 6/1 12/31 Service Revenue End. Bal Red And Regc > Reg A and B Route Reg 1 Red D2 Ileg Show the preceding transaction and related adjustment in a horizontal statements model (Enter any decreases to account balances and cash outflows with a minus sign the Statement of Cash Flows column, use the initial OA to designate operating activity, PA to designate finance activity, IA to designate investing activity and NG for net change in cash. Not all cells require input. Round your answers to the nearest dollar) RAYLAN COMPANY Effect of Transactions on Financial Statements Balance Sheet Income Statement Stockholders Liabilities Equity Revenue Expenses Statement of Cash Flows Date Assets Net Income 12/31 Banco Reg A and B Reg D1 > Reg A and B Reqc Reg D1 Reg D2 ReqE Determine the amount of net income on the Year 1 income statement. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Revenue Expenses Net income Reg A and B Reg c Reg D1 Reg D2 Req E What is the amount of net cash flow from operating activities for Year 1? (Do not round Intermediate calculations. Round your final answers to the nearest dollar amount.) Cash flows from operating activities: Cash received from revenue Net cash flow from operating activities ( Req D1 ReqE> Reg A and B Reqc Reg Di Reg D2 Reg E What amount of liabilities would Raylan report on the Year 1 balance sheet? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Uneamed revenue Step by Step Solution
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