Raylan received a $56.500 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. d. Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 12 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 D 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 Unearnod Rovenue Beg. Bat Bep. Bal End. Bal End. Bal Service Revenue Beg Bail End. Bal 14 Navt > Req A and B Reg C Reg D RegE Show the preceding transaction and related adjustment in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minuss 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 Not all cells require input. Round your answers to the nearest dollar.) RAYLAN COMPANY Effect of Transactions on Financial Statements Balance Sheet Income Statement Llabilities Stockholders Revenue Expenses Eculty Statement of Cash Flows Date Assets Net Income 6/1 12/31 Balance 0 0 0= 0 0 Req A and B ReqC Reg D Reg E Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operat activities for Year 1? (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Revenue Expenses Net income Cash flows from operating activities: Cash received from revenue Net cash flow from operating activities Req A and B Reqc Reg D ReqE What amount of Nabilities would Raylan report on the Year 1 balance sheet? (Do not round Intermediate calculations. Round your final answer to the nearest dollar amount.) Uncamod rovonuo Rogo Regt