Chalet Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of $2020,$ the income statement and comparative balance sheet were prepared as shown below.

Chalet Foods International

Balance Sheet

As at April $30$

$20202019$

Assets

Current Assets

Cash $$292,545$ $$122,700$

Accounts Receivable $$241,000$ $$268,800$

Food & Beverage Inventory $$519,500$ $$454,600$

Prepaid Expenses $$22,700$ $$22,700$

Total Current Assets $$1,075,745$ $$868,800$

Long$-$Term Assets

Land $$0$ $$17,000$

Equipment $$348,300$ $$348,300$

Accumulated Depreciation $$-106,700$ $$-99,600$

Total Long$-$Term Assets $$241,600$ $$265,700$

Total Assets $$1,317,345$ $$1,134,500$

Liabilities

Current Liabilities

Accounts Payable $$309,200$ $$327,800$

Notes Payable, Current Portion $$39,500$ $$23,900$

Total Current Liabilities $$348,700$ $$351,700$

Notes Payable, Long$-$Term Portion $$208,300$ $$194,500$

Total Liabilities $$557,000$ $$546,200$

Shareholders' Equity

Common Shares $$272,000$ $$243,000$

Retained Earnings $$488,345$ $$345,300$

Total Shareholders' Equity $$760,345$ $$588,300$

Total Liabilities and Equity $$1,317,345$ $$1,134,500$

Additional Information:

During $2020,$ land was sold for a loss of $$4,900.$ There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable.

Chalet Foods International

Income Statement

For the Year Ended April $30,2020$

Revenue $$2,466,000$

Cost of Sales $$1,479,600$

Gross Profit $$986,400$

Operating Expenses

Depreciation Expense $$7,100$

Other Operating Expenses $$673,100$

Total Operating Expenses $$680,200$

Income from Operations $$306,200$

Other Income and Expenses

Loss on Sale of Land $$-4,900$

Income before Income Tax $$301,300$

Income Tax $$105,455$

Net Income $$195,845$

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.

Chalet Foods International

Cash Flow Statement

For the Year Ended April $30,2020$

Cash Flow from Operating Activities

Net Income Answer

Adjustments for Non$-$Cash Items

Depreciation Answer

Loss on Sale of Land Answer

Change in Current Assets and Current Liabilities

Decrease in Accounts Receivable Answer

Increase in Food & Beverage Inventory Answer

Decrease 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

Proceeds from Notes Payable Answer

Payment of Cash Dividend Answer

Issue of Common Shares 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