Compare operating cash flows to net income (LO7) Consider the following information. Service Revenue for the year = $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year. Salaries Expense for the year = $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid next year. Advertising Expense for the year = $10,000. All of this amount is paid during the year. Supplies Expense for the year = $4,000. No supplies were purchased during the year. Utilities Expense for the year = $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,000. Required: Calculate operating cash flows. (List deductible values as negative amounts.) Calculate net income. (List deductible values as negative amounts.)