listed below are several transactions that took place during the first two years of operations for the law firm of perez associates. in addition, you learned that the firm incurred utility cost of 36,001 a year, that there were no liabilities at the end of the year two, no anticipated bad debt on receivables, and that insurance policy covers a three-year period.

1&3 Calculate the net operating cash flow for your one and two and determine the amount of receivables from clients at the firm would show you one of you to balance sheets prepared according to the accrual accounting model.

2: prepare an income statement for each year according to the accrual accounting model

(can you please show step by step, so i can practice!)

Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates. In addition, you learn that the firm incurred utility costs of $36,000 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 wo 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. 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. Note: Net cash outflows should be indicated by a minus sign. In addition, you learn that the firm incurred utility costs of $36,000 in year 1 , that there were no liabilities at the end of year 2 , no anticipated bad debts on recelvables, 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 woul 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. Prepare an income statement for each year according to the accrual accounting model