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 March $31$

$20232022$

Assets

Current Assets

Cash $$138,320$ $$63,100$

Accounts Receivable $$91,700$ $$82,800$

Merchandise Inventory $$217,000$ $$187,600$

Prepaid Expenses $$18,100$ $$18,100$

Total Current Assets $$465,120$ $$351,600$

Noncurrent Assets

Land $$0$ $$44,000$

Equipment $$325,000$ $$325,000$

Less: Accumulated Depreciation $$-26,200$ $$-22,400$

Total Noncurrent Assets $$298,800$ $$346,600$

Total Assets $$763,920$ $$698,200$

Liabilities

Current Liabilities

Accounts Payable $$52,700$ $$42,800$

Notes Payable, Current Portion $$6,800$ $$6,800$

Total Current Liabilities $$59,500$ $$49,600$

Notes Payable, Long$-$Term Portion $$65,200$ $$72,000$

Total Liabilities $$124,700$ $$121,600$

Stockholders' Equity

Common Stock $$144,000$ $$144,000$

Retained Earnings $$495,220$ $$432,600$

Total Stockholders' Equity $$639,220$ $$576,600$

Total Liabilities and Equity $$763,920$ $$698,200$

Additional Information:

During $2023,$ land was sold for a gain of $$5,600.$ There was no purchase of equipment throughout the year.

Speedofflight Cars

Income Statement

For the Year Ended March $31,2023$

Sales $$551,000$

Cost of Goods Sold $$330,600$

Gross Profit $$220,400$

Operating Expenses

Depreciation Expense $$3,800$

Other Operating Expenses $$67,400$

Total Operating Expenses $$71,200$

Income from Operations $$149,200$

Other Income and Expenses

Gain on Sale of Land $$5,600$

Income before Income Tax $$154,800$

Income Tax $$54,180$

Net Income $$100,620$

Create the cash flow statement using the indirect method.