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. Prepare 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.