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Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates. Year 2 $ 226,000 193,000 Amounts billed to clients for services rendered Cash collected from clients Cash disbursements: Salaries paid to employees for services rendered during the year Utilities Purchase of insurance policy In addition, you learn that the firm incurred utility costs of $36,500 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. Complete this question by entering your answers in the tabs below. Req 1 and 3 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. Req 2 1. Net operating cash flow 3. Receivables Answer is not complete. Year 1 Year 2 Year 1 $ 176,000 163,000 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. Note: Net cash outflows should be indicated by a minus sign. 93,000 31,500 60,900

Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates. In addition, you learn that the firm incurred vtility costs of $36,500 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 operoting cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm wouk 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 Answer is not complete. Complete this question by entering your answers in the tabs below. 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. Note: Net cash outflows should be indicated by a minus sign. In addicion, you leam that the firm incurred utioty costs of $36,500 in year 1 , that there were no liabilites at the end of year 2 , no anticlpoted bad debts on recelvables, and that the insurance policy covers a three-year period Required: 1. 8 . Calculate the net operating cash flow for years 1 and 2 and determine the amount of recelvables from clients that the firm would show in its year 1 and year 2 batance sheets prepared according to the accrual accounting model. 2. Prepare an income statement forteach year according to the accrual accounting model Q Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare an income stutement for each year according to the accrual accounting model. Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates. In addition, you learn that the firm incurred vtility costs of $36,500 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 operoting cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm wouk 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 Answer is not complete. Complete this question by entering your answers in the tabs below. 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. Note: Net cash outflows should be indicated by a minus sign. In addicion, you leam that the firm incurred utioty costs of $36,500 in year 1 , that there were no liabilites at the end of year 2 , no anticlpoted bad debts on recelvables, and that the insurance policy covers a three-year period Required: 1. 8 . Calculate the net operating cash flow for years 1 and 2 and determine the amount of recelvables from clients that the firm would show in its year 1 and year 2 batance sheets prepared according to the accrual accounting model. 2. Prepare an income statement forteach year according to the accrual accounting model Q Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare an income stutement for each year according to the accrual accounting model

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