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Sye Chase started and operated a small family architectural firm in Year 1. The firm...

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Accounting

Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase
provided $19,500 of services on account, and (2) he purchased $6,800 of supplies on account. There were $850 of
supplies on hand as of December 31, Year 1.
d. Explain why the amounts of net income and net cash flow from operating activities differ.
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