Ohare Companys only asset as of January 1, 2014, was a limousine. During 2014, only the following three transactions occurred: Services of $100,000 were provided on account. All accounts receivable were collected. Depreciation on the limousine was $15,000.

1. Develop an income statement for Ohare for 2014. 2. Determine the amount of the net cash inflow for Ohare for 2014. 3. Explain why Ohares net income does not equal net cash inflow. 4. If Ohare developed a cash flow statement for 2014 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities?