Slight Corp

The condensed comparative statement of financial position and income statement for Slight Corp as at for the year ended Dec. 31, 2021, are as follows:

Fagan Corp
Condensed Statement of Financial Position
December 31	2021	2020	Change
ASSETS
Current
Cash	9,500	25,000	(15,500)
Accounts receivable	113,500	116,000	(2,500)
Inventory	290,000	280,000	10,000
Prepaid expenses	49,000	72,500	(23,500)
Total Current Assets	462,000	493,500
Non Current
Investments	200,000	150,000	50,000
Equipment	340,000	280,000	60,000
Accumulated dep - equip	-130,000	-149,000	(19,000)
Total Non-Current Assets	410,000	281,000
TOTAL ASSSETS	872,000	774,500
LIABILITIES
Current
Accounts Payable	100,000	50,000	50,000
Unearned revenue	42,000	32,000	10,000
Dividends payable	10,000	16,000	(6,000)
Total Current Liabilities	152,000	98,000
Non Current
Loans payable	175,000	210,000	(35,000)
TOTAL LIABILITIES	327,000	308,000
Shareholders' Equity
Common shares	200,000	160,000	40,000
Retained earnings	345,000	306,500	38,500
Total Shareholders' Equity	545,000	466,500
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	872,000	774,500
Slight Corp
Condensed Income Statement
For the year ended December 31
Sales revenue		1,500,000
Operating expenses	1,090,000
Depreciation expense	62,500
Loss on sale of equipment	5,800
Interest expense	7,500
Income tax expense	100,000	1,265,800
Net income		$234,200

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

Equipment with a net carrying value of $180,000 was sold for cash and equipment was purchased for cash.

Investments were purchased for cash.

Common shares were issued of $35,000 to pay down the loan. The remaining common shares were issued for cash.

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

Slight Corp follows ASPE.

Required: A) Prepare the entire statement of cash flows in good form for Slight Corp for the year ended December 31, 2021. (Prepare the operating activities section using the indirect method.) Show your calculations below your statement.

B) Calculate cash received from customers in 2021.