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Concord Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Concord as of May 31, 2020, are as follows. The company is preparing its statement of cash flows. 2019 CONCORD COMPANY COMPARATIVE BALANCE SHEET AS OF MAY 31 2020 Current assets Cash $28,400 Accounts receivable 75,800 Inventory 217,900 Prepaid expenses 8,900 Total current assets 331,000 $20,100 58,400 248,500 7,100 334,100 Plant assets Plant assets Less: Accumulated depreciation-plant assets Net plant assets Total assets 606,000 506,200 149,900 124,200 456,100 382,000 $787,100 $716,100 Current liabilities Accounts payable Salaries and wages payable Interest payable Total current liabilities $123,900 $114,900 47,000 72,600 27,300 24,800 198,200 212,300 Long-term debt Bonds payable Total liabilities 70,000 268,200 100,000 312,300 Stockholders' equity Common stock, $10 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 370,000 148,900 518,900 $787,100 280,000 123,800 403,800 $716,100 CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED MAY 31, 2020 Sales revenue $1,261,800 Cost of goods sold 719,000 Gross profit 542,800 Expenses Salaries and wages expense Interest expense Depreciation expense Other expenses Total expenses Operating income Income tax expense Net income 252,400 75,400 25,700 8,100 361,600 181,200 43,400 $137,800 The following is additional information concerning Concord's transactions during the year ended May 31, 2020. 1. All sales during the year were made on account. 2. All merchandise was purchased on account, comprising the total accounts payable account. 3. Plant assets costing $99,800 were purchased by paying $29,800 in cash and issuing 7,000 shares of stock. 4. The "other expenses are related to prepaid items. 5. All income taxes incurred during the year were paid during the year. 6. In order to supplement its cash, Concord issued 2,000 shares of common stock at par value. 7. Cash dividends of $112,700 were declared and paid at the end of the fiscal year. Prepare a statement of cash flows for Concord Company for the year ended May 31, 2020, using the direct method. (A reconciliation of net income to net cash provided is not required.) (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 , Cash Flows from Operating Activities Cash Received from Customers 1,244,400 Cash payments: Cash Payment for Interest 72900 Cash Payment for Other Expenses 9900 i Cash Payment to Suppliers Cash Payment for Income Taxes 43400 Cash Payment to Employees 278000 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Cash Flows from Financing Activities A Cash Received from Common Stock Issue | Cash Paid for Dividends Cash Paid to Retire Bonds Payable Net Cash Used by Financing Activities - Net Increase in Cash Cash, June 1, 2019 Cash, May 31, 2020 $ Using the indirect method, calculate only the net cash flow from operating activities for Concord Company for the year ended May 31, 2020. (Show amounts that decrease cash flow with either a-sign e.g. - 15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 - Cash Flows from Operating Activities - Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Increase in Accounts Receivable Increase in Prepaid Expenses Decrease in Salaries and Wages Payable Increase in Accounts Payable Increase in Interest Payable Decrease in Inventory Depreciation Expense Net Cash Provided by Operating Activities