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Exercise 12-4 The current sections of Cheyenne Corp.'s balance sheets at December 31, 2016 and 2017, are presented here. Cheyenne Corp.'s net income for 2017

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Exercise 12-4 The current sections of Cheyenne Corp.'s balance sheets at December 31, 2016 and 2017, are presented here. Cheyenne Corp.'s net income for 2017 was $168,912. Depreciation expense was $29,808. 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $115,920 88,320 185,472 29,808 419,520 $109,296 98,256 189,888 24,288 $421,728 Total current assets Current liabilities Accrued expenses payable Accounts payable ?16,560 93,840 110,400 $5,520 101,568 $ 107,088 Total current liabilities Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect 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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