Cash collected from customers Cash paid for rent (payment was made Jan. 1 and covered 2 years) $340,000 40,000 Cash paid to employees Cash paid for utilities 120,000 50,000 Other Information About the Year Accounts Receivable (year end balance) $60,000 Utilities Payable (year end balance) 2,000 Required: 1. Calculate net operating cash flows (cash basis income)? Cash Basis Income Statement Cash Revenue Cash Operating Expenses: Rent Wages Utilities Net Operating Cash Flow $ 130,000 2. Calculate accrual net income? Revenue Operating Expenses: Rent Wages Utilities Net Income Accrual Basis Income Statement $ 208,000