Year 1 Year 2 Amounts billed to customers for services rendered $170, 000 220, 00 Cash collected from customers 160, 000 190, 00 O Cash disbursements* Salaries paid to employees for services rendered during the year 90,000 100, 00 Utilities 30, 000 10. 000 Purchase of insurance policy 50,000 D In addition , you learn that the company incurred utility costs of $35,000 in year 1 , that there were no liabilities at the End of year ? , no anticipated bad debts on receivables , and that the insurance policy covers a three - year period . Required : 1 . Calculate the net operating cash flow for years 1 and 2 . ( Net cash outflows should be indicated by a minus sign . ) 2. Prepare an income statement for each year according to the accrual accounting model . 3 . Determine the amount of receivables from customers that the company would show in its year 1 and year ? balance sheets prepared according to the accrual accounting model