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Listed below are several transactions that took place during the first two years of operations for the law firm of Pele, Pete, and Ro Year 1 Year 2 $182,880 $232,800 154,800 184,000 Sipped 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 84,089 94,000 34,000 27,000 58,200 In addition, you learn that the firm incurred utility costs of $32,000 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 wc show in its year 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 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 son.) Your - Year 2 1. Net operating cash flow 3. Receivables Reg 2 >

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