Speedofflight Cars sells car accessories. At the end of $2023,$ the income statement and comparative balance sheet were prepared as shown below.

Speedofflight Cars

Balance Sheet

As at April $30$

$20232022$

Assets

Current Assets

Cash $$149,735$ $$61,500$

Accounts Receivable $$82,100$ $$76,500$

Merchandise Inventory $$220,000$ $$195,600$

Prepaid Expenses $$13,300$ $$13,300$

Total Current Assets $$465,135$ $$346,900$

Long$-$Term Assets

Land $$0$ $$41,000$

Equipment $$342,000$ $$342,000$

Less: Accumulated Depreciation $$-27,900$ $$-21,600$

Total Long$-$Term Assets $$314,100$ $$361,400$

Total Assets $$779,235$ $$708,300$

Liabilities

Current Liabilities

Accounts Payable $$53,100$ $$48,000$

Notes Payable, Current Portion $$9,100$ $$9,100$

Total Current Liabilities $$62,200$ $$57,100$

Notes Payable, Long$-$Term Portion $$61,900$ $$71,000$

Total Liabilities $$124,100$ $$128,100$

Shareholders' Equity

Common Shares $$136,000$ $$136,000$

Retained Earnings $$519,135$ $$444,200$

Total Shareholders' Equity $$655,135$ $$580,200$

Total Liabilities and Equity $$779,235$ $$708,300$

Additional Information:

During $2023,$ land was sold for a gain of $$6,100.$ There was no purchase of equipment throughout the year.

Speedofflight Cars

Income Statement

For the Year Ended April $30,2023$

Sales $$569,000$

Cost of Goods Sold $$341,400$

Gross Profit $$227,600$

Operating Expenses

Depreciation Expense $$6,300$

Other Operating Expenses $$67,500$

Total Operating Expenses $$73,800$

Income from Operations $$153,800$

Other Income and Expenses

Gain on Sale of Land $$6,100$

Income before Income Tax $$159,900$

Income Tax $$55,965$

Net Income $$103,935$

Prepare the statement of cash flows using the direct method. Assume accounts payable is only for the purchase of merchandise inventory. Do not show the reconciliation schedule of net income with net cash provided $($used$)$ by operating activities at the bottom of the statement of cash flows.

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

Use the negative sign for a decrease in cash.

Speedofflight Cars

Cash Flow Statement

For the Year Ended April $30,2023$

Cash Flow from Operating Activities

Cash Receipts

Cash Received from Customers Answer

Cash Payments

Payments for Merchandise Inventory Answer

Payments for Other Operating Expenses Answer

Payments for Income Taxes Answer

Total Cash Payments 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 Answer