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1. Service Revenue for the year $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year. 2. Salaries Expense for the year $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid ext year. 3. Expense for the year $10,000. All of this amount is paid during the year. 4. Supplies Expense for the year $4,000. No supplies were d during the year. 5. Utilities Expense for the year $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year. 6. Cash collected in advance from customers for services to be provided next year (Deferred Revenue) $2,000. Required: 1. Calculate operating cash flows. (List cash outflows as negative amounts.) Cash collected from customers for services provided 1 70,000 Salaries paid for the year 2,000 Advertising paid for the year (35,000) x 3. Supplies paid for the year 4 (10,000) Utilities paid for the year (4,000)x 5 (11,000) X Cash collected in advance from customers 6 Net operating cash flows 12,000 Red text indicates no response was expected in a cell or a formula- based calculation is incorrect no points deducted. 2. Calculate net income. (List expenses as negative amounts.) ..d. n-. fos the woon 7o 000