Consider the following sequence of events in the u. s. market for strawberries during the years 1998-2000: • 1998: uneventful. the market price was $5.00 per bushel, and 4 million bushels were sold. • 1999: there was a scare over the possibility of contaminated strawberries from michigan. the market price was $4.50 per bushel, and 2.5 million bushels were sold. • 2000: by the beginning of the year, the scare over contaminated strawberries ended when the media reported that the initial reports about the contamination were a hoax. a series of floods in the midwest, however, destroyed significant portions of the strawberry fields in iowa, illinois, and missouri. the market price was $8.00 per bushel, and 3.5 million bushels were sold. find linear demand and supply curves that are consistent with this information.

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy. year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 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 company 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.