Raylan received a $50,500 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.

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 End. Bal End. Bal Service Revenue Beg. Bal End. Bal 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. In the Statement of Cash Flows column, use 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 input. Round your answers to the nearest dollar.) RAYLAN COMPANY Effect of Transactions on Financial Statements Balance Sheet Income Statement Liabilities Stockholders' Revenue Equity - Expenses Date Statement of Cash Flows Assets Net Income 6/1 12/31 Balance 0 = 0 + 0 1 0- 0 = 0 0 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 $ $ 0 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 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.) Unearned revenue