Question

Cheyenne Corp.’s income statement for the year ended December 31, 2020, had the following condensed information:...

Cheyenne Corp.’s income statement for the year ended December 31, 2020, had the following condensed information:

Service revenue $773,600
Operating expenses (excluding depreciation) $497,000
Depreciation expense 57,000
Unrealized loss on FV-NI investments 4,500
Loss on sale of equipment 12,100 570,600
Income before income taxes 203,000
Income tax expense 52,000
Net income $151,000


There were no purchases or sales of trading (FV-NI) investments during 2020.

Cheyenne’s statement of financial position included the following comparative data at December 31:

2020 2019

FV-NI investments

 $21,700 $26,200

Accounts receivable

 35,100 54,900

Accounts payable

 45,400 31,500

Income tax payable

 6,900 9,200

Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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Revised cash flow statement (partial)

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