On october 1, 2017, tile co., a u. s. company, purchased products from azulejo, a portuguese company, with payment due on december 1, 2017. if tile's 2017 operating income included no foreign exchange gain or loss, the transaction could have
a) been denominated in us dollars
b) resulted in an unusal gain
c) generated a foreign exchange gain to be reported as a deffered charge on the balance sheet
d) generated a foreign exchange loss to be reported as a separate component of stockholders equity

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.