Business, 09.09.2019 18:30 pineapplefun

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 1 year 2 amounts billed to clients for services rendered $ 193,000 $ 240,000 cash collected from clients 170,000 200,000 cash disbursements salaries paid to employees for services rendered during the year 100,000 110,000 utilities 35,000 50,000 purchase of insurance policy 63,000 0 in addition, you learn that the firm 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 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.

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