Year 1 $180,000 165,000 Year 2 $230,000 195,000 Amounts billed to clients for services rendered Cash collected from clients LUI | Salarios paid to employees for services rendered during the year Utilities Purchase of insurance policy 95.000 32.500 61,500 105.000 45,000 In addition, you learn that the firm incurred utility costs of $37,500 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: 1. & 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm 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. Complete this question by entering your answers in the tabs below. Req 1 and 3 Reg 2 Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model. (Net cash outflows should be indicated by a minus sign.) Year 1 Year 2 In addition, you learn that the firm incurred utility costs of $37,500 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: 1. & 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm 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. Complete this question by entering your answers in the tabs below. Req 1 and 3 Reg 2 Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model. (Net cash outflows should be indicated by a minus sign.) Year 1 Year 2 1. Net operating cash flow 3. Receivables Reg 2 > 1. & 3. Calculate the net operating casn now for years 1 and 2 and determine the amount or receivabies from Cients that the tim wou 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 Complete this question by entering your answers in the tabs below. Reg 1 and 3 Reg 2 Prepare an income statement for each year according to the accrual accounting model. PETE, PETE, AND ROY Income Statements Year 1 Year 2 Revenues Expenses: Salaries Us Insurance Net income (los) Reg1 and 3 Prev 1 of 2 Score answer >