Raylan recelved 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 a. & b. Record the June 1 cash recelpt in T-accounts and the adjustment required as of December 31 , Year 1 , c. Show the preceding transaction and related odjustment 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 1? e. What amount of llabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Record the June 1 cash recelpt in T-accounts and the adjustment required as of December 31, Year 1 . (Do not rialt interimediate calculations. Round your answers to the nearest dellar a mount.) e. What amount of llabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. 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.) e. What amount of llabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Show the preceding transaction and related adjustment In a horizontal statements model. (Lnter any decreases to account balanices and cash outhions with a minus sig: Statement of Cash Flows column, use the initials OA to deslgnate operating activity, FA to detignate finance activity, IA to deslignate investing activity and NC for net ch Not all cells require input. Round your answers to the neorest dollari) 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. Determine the amount of net income on the Year 1 income statement What is the amount of net cash fow from operating actlvities for Year 1 ? (Do not round Intermediate calculations. Round your final answers to the nearest dollar amount.) Required a. \& b. Record the June 1 cash recelpt 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 licome statement. What is the amount of net cash flow from operating for Year 1 ? e. What amount of liabilities would Raylan report on the Year 1 balsnce sheet? Complete this queetion by entering your answers In the tabs below. Whet amount of lisbilities would Rayian report on the Yeser 1 baisnoe theet? (Do not round intitutiedlate calculatint. Ifrishd your final nhewer to the nearest doller emount.)
