ror 2 car Amounts billed to clients for services rendered 174,060 224,000 Cash collected from clients 158,000 188,000 Cash disbursements: Salaries paid to employees for services rendered during the year 88,008 98,000 Utilities 29,000 38,000 Purchase of insurance policy 59,408 a In addition, you learn that the firm incurred utility costs of $34,000 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: 4. & 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 3 Reg 2 Prepare an income statement for each year according to the accrual accounting model. Revenues S 174,000 o S 224,000 Qo Expenses: Salaries 83,000 @ Utilities 34,000 @ Insurance 19,800 @ Net income (loss)