PLEASE ANSWER ALL PARTS

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 2 $193,000 $240,000 Year 1 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 170,000 200,000 100, 000 110,000 35,000 50,000 63,000 In addition, you learn that the company incurred utility costs of $40,000 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 company 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