The income statement of Price Ltd for the year ended 31 December 2020, reported the following condensed information:

Revenue from fees$600,000

Operating expenses 360,000

Income from operations 240,000

Income tax expense 60,000

Netincome$180,000

Price's balance sheet contained the following comparative data at December 31:

2020 2019

Accounts receivable $50,000 $45,000

Accounts payable35,000 41,000

Income taxes payable 6,000 3,000

Price has no depreciable assets. Accounts payable pertains to operating expenses.

Required:

1. Calculate:
2. Cash receipts from customers.
3. Cash payments for operating expenses.

(b) Prepare the operating activities section of the statement of cash flows for 2020.