London Falls Inc. had a beginning balance of $15,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $8,500. During the period, London Falls collects $65,000 of its accounts receivable. London Falls incurred $53,000 of cash expenses during the accounting period.

Required
a. Based on the information provided, determine the amount of revenue recognized during the accounting period.
b. Based on the information provided, determine the amount of net income earned during the accounting period.
c. Based on the information provided, determine the amount of cash flow from operating activities.
d. Explain why the amounts determined in Requirements b and c are different.