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Speedofflight Cars sells car accessories. At the end of 2 0 2 3 , the income statement and comparative balance sheet were prepared as shown

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.

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