Question

Raylan received a $53,000 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. What was the amount of the cash advance payment?

Answer 1

Raylan received a $53,000 cash advance payment for consulting services to be performed in the future.

Step-by-step explanation:

The amount of the cash advance payment is $53,000. Raylan received this payment on June 1, Year 1, from a client for consulting services that he will provide in the future.