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 Amounts billed to clients for services rendered $170,000 $220,000 Cash collected from clients 160,000 190,000 Cash disbursements Salaries paid to employees for services rendered during the year 90,000 100,000 Utilities 30.000 40,000 Purchase of insurance policy 60.000 -0- In addition, you learn that the firm incurred utility costs of $35,000 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. Calculate the net operating cash flow for years I and 2 2. Prepare an income statement for each year similar to 3. Determine the amount of receivables from clients that the accrual accounting model. Illustration 1-4 according to the accrual accounting model the firm would show in its year I and year 2 balance sheets prepared according to