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Question - Raylan received a $68,500 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. 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.
c1. Determine the amount of net income on the Year 1 income statement.
c2. 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?
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