MyCharleston Ch. 1 HW (Due Tues 9/4) 1HW (Due Tues 9/4) Saved Help Save& ExitSubmit Check my work 15 Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy mounts billed to elients for services rendered Cash collected fron elients Cash disbursements Salaries paid to enployees for services rendered during the year Utilities Purchase of insurance polley $188,000 $238,000 151,000 181,000 81,000 91,000 25,500 31,000 57, 300 In addition, you learn that the company incurred utility costs of $30,500 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: & 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to 2. Prepare an income statement for each year according to the accrual accounting model. Print 1. the accrual accounting model. s guestion by entering your answers in the tabs below Req 1 and 3 Req 2 Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients tha company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting mode outflows should be indicated by a minus sign.) 1. Net operating cash fow 3. Receivables Req 2 )