Question: Chapter 1 Calculate the net operating cash flow for years 1 and 2. 2. Prepare an income statement for each year similar to Illustration 14

Chapter 1 Calculate the net operating cash flow for years 1 and 2. 2. Prepare an income statement for each year similar to Illustration 14 according to the accrual accounting model. 3. 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.

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