Question 10 (10 points) Saved Below is partial information from the financial statements for Nova Contracting Ltd.: Condensed Income Statement for the year ended December 31, 2019: Sales Revenue $ 800,000 Operating Expenses 250,000 Profit from operations 550,000 Income tax expense 150,000 Net profit $ 400,000 Partial Balance Sheet at December 31: Accounts receivable Accrued expenses payable* Income taxes payable *Note: Accrued Expenses Payable relates to Operating Expenses 20 $151 51 2 atement for the 31, 2019: 800,000 250,000 550,000 150,000 : 400,000 at December 31: 2019 $150,000 50,000 25,000 2018 $60,000 69,000 32,000 able* ies Payable penses 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) 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 (7)