Question 10 (10 points) Below is partial information from the financial statements for Nova Contracting Ltd.: Condensed Income Statement for the year ended December 31, 2019: Sales Revenue $ 600,000 Operating Expenses 240,000 Profit from operations 360,000 Income tax expense 120,000 Net profit $ 240,000 Partial Balance Sheet at December 31: 2019 2018 Accounts receivable $110,000 $120,000 Accrued expenses payable 70,000 90,000 Income taxes payable 32,000 24,000 *Note: Accrued Expenses Payable relates to Operating Expenses Required: 1. Calculate cash receipts from customers for 2019 (3 marks) 2. Calculate cash payments for operating expenses for 2019 (3 marks) 3. Calculate cash payments for income taxes for 2019 (3 marks) 4. Calculate net cash provided / (used) by operating activities for the year ended 2019 (1 mark) Time Limit: 2:30:00 Time Left:2:23:55 Sumanpreet Kaur: Attempt 1 Show all of your work. Make sure to label all of your work so the marker can follow and grade your work All calculations should be shown using the following symbols: add (+), subtract (-) multiply (x), divide ( Format IV Cash Receipts from Customers: Cash Payments for Operating Expenses: Cash Payments for Income Taxes: Net Cash Provided / (Used) by Operating Activities