Breakwater Boats sells boating accessories. At the end of $2023,$ the income statement and comparative balance sheet were prepared as shown below.

Breakwater Boats

Balance Sheet

As at July $31$

$20232022$

Assets

Current Assets

Cash $$139,175$ $$58,200$

Accounts Receivable $$93,200$ $$76,200$

Merchandise Inventory $$214,000$ $$187,300$

Prepaid Expenses $$16,300$ $$16,300$

Total Current Assets $$462,675$ $$338,000$

Noncurrent Assets

Land $$0$ $$44,000$

Equipment $$331,000$ $$331,000$

Less: Accumulated Depreciation $$-27,600$ $$-22,100$

Total Noncurrent Assets $$303,400$ $$352,900$

Total Assets $$766,075$ $$690,900$

Liabilities

Current Liabilities

Accounts Payable $$52,900$ $$42,600$

Notes Payable, Current Portion $$9,400$ $$9,400$

Total Current Liabilities $$62,300$ $$52,000$

Notes Payable, Long$-$Term Portion $$52,600$ $$62,000$

Total Liabilities $$114,900$ $$114,000$

Stockholders' Equity

Common Stock $$147,000$ $$147,000$

Retained Earnings $$504,175$ $$429,900$

Total Stockholders' Equity $$651,175$ $$576,900$

Total Liabilities and Equity $$766,075$ $$690,900$

Additional Information:

During $2023,$ land was sold for a gain of $$4,800.$ There was no purchase of equipment throughout the year.

Breakwater Boats

Income Statement

For the Year Ended July $31,2023$

Sales $$566,000$

Cost of Goods Sold $$339,600$

Gross Profit $$226,400$

Operating Expenses

Depreciation Expense $$5,500$

Other Operating Expenses $$62,200$

Total Operating Expenses $$67,700$

Income from Operations $$158,700$

Other Income and Expenses

Gain on Sale of Land $$4,800$

Income before Income Tax $$163,500$

Income Tax $$57,225$

Net Income $$106,275$

Create the cash flow statement using the indirect method.

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

Use the negative sign for a decrease in cash.

Breakwater Boats

Cash Flow Statement

For the Year Ended July $31,2023$

Cash Flow from Operating Activities

Net Income Answer

Adjustments to Reconcile Net Income to Cash

Depreciation Expense Answer

Gain on Sale of Land Answer

Changes in Operating Assets and Liabilities

Increase in Accounts Receivable Answer

Increase in Merchandise Inventory Answer

Increase in Accounts Payable Answer

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

Cash Flow from Investing Activities

Sale of Land Answer

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

Cash Flow from Financing Activities

Payment of Notes Payable Answer

Payment of Cash Dividend 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