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Consider the following information: 1. Service Revenue for the year = 583, 800. Of this amount, 571, 900 is collected during the year and $11,
Consider the following information: 1. Service Revenue for the year = 583, 800. Of this amount, 571, 900 is collected during the year and $11, 900 is expected to be collected next year. 2. Salaries Expense for the year = 543, 800. Of this amount, $36, 900 is paid during the year and $6, 900 is expected to be paid next year. 3. Advertising Expense for the year = 511, 900. All of this amount is paid during the year. 4. Supplies Expense for the year = 55.900. No supplies were purchased during the year. 5. Utilities Expense for the year = $15.800. Of this amount, $12, 900 is paid during the year and 52.900 is expected to be paid next year. 6. Cash collected in advance from customers for services to be provided next year (Deferred Revenue) = $3.900. Required: 1. Calculate operating cash flows. (List cash outflows as negative amounts.) 2. Calculate net income. (List cash outflows as negative amounts.)
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