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Problem 12-7A (Part Level Submission) The following are the financial statements of Cheyenne Corp Cheyenne Corp. Comparative Balance Sheets December 31 2019 2018 Assets Cash $37,900 $20,200 32,100 Accounts receivable 19,600 20,400 Inventory 31,000 Equipment 59,500 77,800 Accumulated depreciation-equipment (29,900)(23,800) Total $130,600 $114,200 Liabilities and Stockholders' Equity Accounts payable $28,400 $16,800 Income taxes payable 7,300 8,400 Bonds payable 27,400 32,500 18,200 Common stock 14,900 49,300 41,600 Retained earning:s Total $130,600 $114,200 Cheyenne Corp. Income Statement For the Year Ended December 31, 2019 Sales revenue $242,900 175,700 Cost of goods sold Gross profit 67,200 23,700 Operating expenses Income from operations 43,500 2,900 Interest expense Income before income taxes 40,600 7,600 Income tax expense $33,000 Net income Additional data: 1. Dividends declared and paid were $25,300 2. During the year, equipment was sold for $9,600 cash. This equipment cost $18,300 originally and had a book value of $9,600 at the time of sale 3. All depreciation expense, $14,800, is in the operating expenses 4. All sales and purchases are on account. Your answer is partially correct. Try again. Prepare a statement of cash flows using the indirect method. (Show amounts that d Cheyenne Corp. Statement of Cash Flows For the Year Ended December 31, 2019i Cash Flows from Operating Activities 33000 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities -6100 Depreciation Expense Increase in Accounts Receivable 12500 Increase in Inventory -10600 Increase in Accounts Payable 11600 -1100 Decrease in Income Taxes Payable -18700 -1100 Decrease in Income Taxes Payable -18700 Net Cash Provided by Operating Activities 14300 Cash Flows from Investing Activities Sale of Equipment 18300 Cash Flows from Financing Activities Payment of Dividends 25300 Redemption of Bonds 9600 3300 Issuance of Common Stock -12400 Net Cash Used by Financing Activities -12400 Net Cash Used by Financing Activities 17700 Net Increase in Cash 20200 Cash at Beginning of Period 17700 Cash at End of Period

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