Bbalance sheet accounts for Galaxy Inc. show the following amounts at the end of $2022$ and $2023.$

Galaxy Inc.

Balance Sheet

As at May $31$

$20232022$

Assets

Current Assets

Cash $$-15,300$ $$9,000$

Accounts Receivable $$15,300$ $$10,100$

Prepaid Expenses $$3,500$ $$1,600$

Merchandise Inventory $$25,800$ $$13,300$

Total Current Assets $$29,300$ $$34,000$

Long$-$Term Assets

Equipment $$184,000$ $$151,000$

Less: Accumulated Depreciation $$-30,000$ $$-18,700$

Total Long$-$Term Assets $$154,000$ $$132,300$

Total Assets $$183,300$ $$166,300$

Liabilities

Current Liabilities $$19,700$ $$19,700$

Long$-$Term Liabilities $$24,000$ $$45,000$

Total Liabilities $$43,700$ $$64,700$

Shareholders' Equity

Contributed Capital

Preferred Shares $$48,000$ $$48,000$

Common Shares $$35,000$ $$18,000$

Total Contributed Capital $$83,000$ $$66,000$

Retained Earnings $$56,600$ $$35,600$

Total Shareholders' Equity $$139,600$ $$101,600$

Total Liabilities and Equity $$183,300$ $$166,300$

Assume current liabilities include only items from operations $($such as accounts payable, taxes payable$).$ Long$-$term liabilities include items from financing $($such as bonds and other long$-$term liabilities$).$ Note that the company did not sell any equipment and did not borrow any additional long$-$term liabilities throughout the year.

Prepare the cash flow statement for $2023$ using the indirect method. Assume no dividends were declared or paid in $2023.$

Do not enter dollar signs or commas in the input boxes.

Use the negative sign for a decrease in cash.

Galaxy Inc.

Cash Flow Statement

For the Year Ended May $31,2023$

Cash Flow from Operations

Net Income Answer

Adjustments to reconcile Net Income to Cash

Depreciation Expense Answer

Change in Operating Assets and Liabilities

Increase in Accounts Receivable Answer

Increase in Prepaid Expenses Answer

Increase in Merchandise Inventory Answer

Net Cash Provided $($Used$)$ by Operating Activities Answer

Cash Flow from Investing Activities

Purchase of Equipment Answer

Net Cash Provided $($Used$)$ by Investing Activities Answer

Cash Flow from Financing Activities

Issuance of Common Shares Answer

Repayment of Long$-$Term Liabilities Answer

Net Cash Provided $($Used$)$ by Financing Activities Answer

Net Increase $($Decrease$)$ in Cash Answer

Cash at the Beginning of the Year Answer

Cash at the End of the Year Answer