Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates. 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 Complete this question by entering your answers in the tabs below. Year 1 $ 172,000 161,000 Req 1 and 3 91,000 30,500 60,300 In addition, you learn that the firm incurred utility costs of $35,500 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. Req 2 Year 2 $ 222,000 191,000 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. 101,000 41,000 0 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 sian..

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 $35,500 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 recelvables 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. 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 br a minus sian. Complete this question by entering your answers in the tabs below. Prepare an income statement for each year according to the accrual accounting model. n addition, you learn that the firm incurred utility costs of $35,500 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. Calculate the net operating cash fiow 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