Speedofflight Cars sells car accessories. At the end of 2018, the income statement and comparative balance sheet were prepared as shown below. Speedofflight Cars Balance Sheet As at June 30 2018 2017 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets $151,165 $63,300 $84,400 $90,500 $218,000 $185,200 $18,400 $18,400 $471,965 $357,400 Noncurrent Assets Land $0 $36,000 Equipment $336,000 $336,000 Less: Accumulated Depreciation $-27,800 $-22,400 Total Noncurrent Assets $308,200 $349,600 Total Assets $780,165 $707,000 Liabilities Current Liabilities Accounts Payable $51,800 $42,900 Notes Payable, Current Portion $6,500 $6,500 Total Current Liabilities $58,300 $49,400 Notes Payable, Long-Term Portion $59,500 $66,000 Notes Payable, Long-Term Portion $59,500 $66,000 Total Liabilities $117,800 $115,400 Stockholders' Equity Common Stock $168,000 $168,000 Retained Earnings $494,365 $423,600 Total Stockholders' Equity $662,365 $591,600 Total Liabilities and Equity $780,165 $707,000 Additional Information: During 2018, land was sold for a gain of $8,000. There was no purchase of equipment throughout the year. Speedofflight Cars Income Statement For the Year Ended June 30, 2018 Sales $561,000 Cost of Goods Sold $336,600 Gross Profit $224,400 Operating Expenses Depreciation Expense $5,400 Other Operating Expenses $68,900 Total Operating Expenses $74,300 Income from Operations $150,100 Other Income and Expenses Gain on Sale of Land $8,000 Income before Income Tax $158,100 Income Tax $55 225 Additional Information: During 2018, land was sold for a gain of $8,000. There was no purchase of equipment throughout the year. Speedofflight Cars Income Statement For the Year Ended June 30, 2018 Sales $561,000 Cost of Goods Sold $336,600 Gross Profit $224,400 Operating Expenses Depreciation Expense $5,400 Other Operating Expenses $68,900 Total Operating Expenses $74,300 Income from Operations $150,100 Other Income and Expenses Gain on Sale of Land $8,000 Income before Income Tax $158,100 Income Tax $55,335 Net Income $102,765 Create the cash flow statement using the indirect method. 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 Speedofflight Cars Cash Flow Statement For the Year Ended June 30, 2018 Cash Flow from Operating Activities Net Income Adjustments to Reconcile Net Income to Cash Depreciation Expense Gain on Sale of Land Changes in Operating Assets and Liabilities Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Increase in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Payment of Notes Payable Payment of Cash Dividend Net Provided (Used) by Financing Activi Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Check