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Question 1 Not yet answered Marked out of 14.00 P Flag question 2020 A simplified balance sheet for Galaxy Inc, contain the following amounts at the end of 2019 and 2020. Galaxy Inc. Balance Sheet As at April 30 2019 Assets Current Assets Cash $20,400 $9,900 Accounts Receivable $16,600 $10,700 Prepaid Expenses $2,700 $800 Merchandise Inventory $30,800 $13,600 Total Current Assets $70,500 $35,000 Long-Term Assets Equipment $180,000 $169,000 Less: Accumulated Depreciation $-28,900 $-18,400 Total Long-Term Assets $151,100 $150,600 Total Assets $221,600 $185,600 Liabilities Current Liabilities $17,900 $17,900 Long-Term Liabilities $25,000 $32,000 Total Liabilities $42,900 $49,900 Shareholders' Equity Contributed Capital Preferred Shares $49,000 $49,000 Common Shares $28,000 $6,000 Total Contributed Capital $77,000 $55,000 Retained Earnings $101,700 $80,700 Total Shareholders' Equity $178,700 $135,700 Total Liabilities and Equity $221,600 $185,600 Contact us! Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. 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 2020 using the indirect method. Assume no dividends were declared or paid in 2020. 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 April 30, 2020 Cash Flow from Operations Net Income Adjustments to reconcile Net Income to Cash Depreciation Expense Change in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Office Supplies Increase in Merchandise Inventory Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Contact us! Repayment of Long-Term Liabilities Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year