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Chapter 1& 2 (280 pts) Saved Listed below are several transactions that took place during the first two years of operations for the law firm

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Chapter 1& 2 (280 pts) Saved Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy. Year 1 Year 2 5186, 5236,8 252,000 182, eee Cash disbursesents Amounts billed to clients for services rendered Cash collected fros clients Salaries paid to employees for services rendered during the year Purchase of insurance policy 82, cee 26,00 57,680 92,000 32,000 Utilities In addition, you learn that the firm incurred utility costs of $31.000 in year 1, that there were no liabilities at the end of year 2. no anticipated bad debts on receivables, and that the insurance policy covers a three-year period. Required: 1. & 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model 2. Prepare an income statement for each year according to the accrual accounting model Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 2 Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model. Net cash outflows should be indicated by a minus sign) Yeart Year 2 1. Net operating cash fow 2. Recevais Reg 2 > Listed below are several transactions that took place during the first two years of operations for the la Year 1 Year 2 $186,000 $236,800 152,000 182,000 Amounts billed to clients for services rendered Cash collected from clients Cash disbursements Salaries paid to employees for services rendered during the year Utilities Purchase of insurance policy 82,000 26, see 57,600 92,000 32,600 In addition, you learn that the firm incurred Utility costs of $31,000 in year 1, that there were no Itabilities anticipated bad debts on recevables, and that the insurance policy covers a three-year period. Required: 1.& 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model. 2. Prepare an income statement for each year according to the accrual accounting model Complete this question by entering your answers in the tabs below. Reg 1 and 3 Reg 2 Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model (he should be indicated by a minus sign) Year 2 1. Net operating cash flow 3: Receivables Reg 2

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