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Cheyenne Ltd. had the following 2020 income statement data: Sales $207,800 Cost of goods sold 119,100 Gross profit 88,700 Operating expenses (includes depreciation of $21,700)
Cheyenne Ltd. had the following 2020 income statement data: Sales $207,800 Cost of goods sold 119,100 Gross profit 88,700 Operating expenses (includes depreciation of $21,700) 49,000 Income before income taxes 39,700 Income taxes 15,000 Net income $24,700 The following accounts increased during 2020 by the amounts shown: Accounts Receivable, $16,500; Inventory, $10,700; Accounts Payable (relating to inventory), $13,900; Taxes Payable, $2,000; and Mortgage Payable, $41,100. Prepare the cash flows from operating activities section of Cheyenne's 2020 statement of cash flows using the direct method and following IFRS. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cheyenne Ltd. Statement of Cash Flows $ Cash Paid for Operating Expenses $ . $ How would the disclosure requirements differ under ASPE? The amount of 4 need not be disclosed under ASPE
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