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Determine amount of net income on year income statement

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Question - Raylan received a $54,500 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.

Required -

a. Record the June '1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1.

b. Show the preceding transaction and related adjustment in a horizontal statements model.

c. 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?

d. What amount of liabilities would Raylan report on the Year 1 balance sheet?

Reference no: EM133170123

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