Required information [The following information applies to the questions displayed below.] Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $20,000 of services on account, and (2) he purchased $5,900 of supplies on account. There were $1,000 of supplies on hand as of December 31, Year 1. d. Explain why the amounts of net income and net cash flow from operating activities differ. Net income is Net Cash Flow from Operating Activities is of revenue was eamed on account, but none was collected of supplies were used, but none were paid for.