Raylan received a $69.000 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 .. & 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and B Reg C Req 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 Beg Bal 6/1 Unearned Revenue 69500 Beg Bal x 69.500 6/1 40,5423 End Bal 69,500 12/31 End. Bal 28.958 Service Revenue Beg Bal 40,542 12/31 End Bal 40,542 RA ROC Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and B Reg Reg D ReqE Show the preceding transaction and related adjustment in a horizontal statements model (In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Not all cells in the "Statement of Cash Flows column may require an input leave cells blank if there is no corresponding input needed. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Enter any decreases to account balances and cash outflows with a minus sign.) Show less Balance Sheet RAYLAN COMPANY Effect of Transactions on Financial Statements Income Statement Stockholders Revenue Equity Expenses Date Net Income Statement of Cash Flows 6/1 69,500 - Llables 69.500 (40,542) 28.958 12/31 Balance 69,500 40.542 40.542 40.542 40.542 40.542 40.542 0 59.5003 69,500 NC Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A and B Reg C Reg D ReqE 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 (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) $ 40,5423 $ 40.542 Revenue Expenses Net Income Cash flows from operating activities: Cash received from revenue Net cash flow from operating activities 69,500 $ 69,500 Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and B Regc Reg D ReqE 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 S 28,958
