Speedofflight Cars sells car accessories. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below.

Speedofflight Cars Balance Sheet As at August 31
	2020	2019
Assets
Current Assets
Cash	$147,880	$57,000
Accounts Receivable	$94,900	$88,700
Merchandise Inventory	$215,000	$194,800
Prepaid Expenses	$14,000	$14,000
Total Current Assets	$471,780	$354,500
Long-Term Assets
Land	$0	$39,000
Equipment	$359,000	$359,000
Less: Accumulated Depreciation	$-28,700	$-21,000
Total Long-Term Assets	$330,300	$377,000
Total Assets	$802,080	$731,500
Liabilities
Current Liabilities
Accounts Payable	$50,600	$44,200
Notes Payable, Current Portion	$7,300	$7,300
Total Current Liabilities	$57,900	$51,500
Notes Payable, Long-Term Portion	$63,700	$71,000
Total Liabilities	$121,600	$122,500
Shareholders' Equity
Common Shares	$140,000	$140,000
Retained Earnings	$540,480	$469,000
Total Shareholders' Equity	$680,480	$609,000
Total Liabilities and Equity	$802,080	$731,500

During 2020, land was sold for a gain of $7,400. There was no purchase of equipment throughout the year.

Speedofflight Cars Income Statement For the Year Ended August 31, 2020
Sales	$567,000
Cost of Goods Sold	$340,200
Gross Profit	$226,800
Operating Expenses
Depreciation Expense	$7,700
Other Operating Expenses	$67,300
Total Operating Expenses	$75,000
Income from Operations	$151,800
Other Income and Expenses
Gain on Sale of Land	$7,400
Income before Income Tax	$159,200
Income Tax	$55,720
Net Income	$103,480

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 August 31, 2020
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