Reference no: EM133135842

Question - The condensed comparative statement of financial position and income statement for Nguyen Inc. as at/ for the year ended Dec. 31, 2021, are as follows:

Nguyen Inc.  Condensed Statement of Financial Position
December 31,	2021	2020
Cash	$950	$2,500
Accounts receivable	11,350	11,600
Inventory	29,000	28,000
Prepaid expenses	4,900	7,250
Equipment	34,000	28,000
Accumulated dep - equip	-13,000	-14,900
Total assets	$67,200	$62,450
Unearned revenue	4,200	3,200
Dividends payable	1,000	1,600
Loans payable	7,500	11,000
Common shares	20,000	16,000
Retained earnings	34,500	30,650
Total liabilities & share equity	$67,200	$62,450
Nguyen Inc.  Condensed Income Statement  for the Year Ended December 31, 2021
Sales revenue		$150,000
Operating expenses	109,000
Depreciation expense	6,250
Loss on sale of equipment	580
Interest expense	750
Income tax expense	10,000	126,580
Net income		$23,420

The following is additional information about Nguyen's transactions during the year ended December 31, 2021:

1. Equipment with a net carrying value of $18,000 was sold for cash and equipment was purchased for cash.

2. Common shares were issued of $3,500 to pay down the loan. The remaining common shares were issued for cash.

3. The only changes in retained earnings were for net income and dividends.

Nguyen Inc. follows ASPE.

Required -

1. Calculate cash received from customers in 2021.

2. Make the entire statement of cash flows in good form for Nguyen Inc. for the year ended December 31, 2021. (Prepare the operating activities section using the indirect method.) Show your calculations below your statement.