Raylan received a $60,000 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. Req A and B Req C Req D1 Req D2 Req 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.) Beg. Bal End. Bal Cash Service Revenue Beg. Bal End. Bal Beg. Bal End. Bal Unearned Revenue < Req A and B Req C > Raylan received a $60,000 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. Req A and B Req C Req D1 Req D2 Req E 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 Statement of Cash Date Assets Liabilities Stockholders' Equity Revenue Expenses = Net Income Flows 6/1 12/31 Balance 01= 0+ 0 0 0 = < Req A and B Req D1 > 0 0 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. Req A and B Req C Req D1 Req D2 Req E 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 < Req C Req D2 Complete this question by entering your answers in the tabs below. Req A and B Req C Req D1 Req 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 > Complete this question by entering your answers in the tabs below. Req A and B Req C Req D1 Req D2 Req 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.) Unearned revenue < Req D2 ReqE >