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Vortex Manufacturing makes and sells integrated circuit boards. At the end of $2023,$ the income statement and comparative balance sheet were prepared as shown below.

Vortex Manufacturing

Balance Sheet

As at February $28$

$20232022$

Assets

Current Assets

Cash $$346,775$ $$126,500$

Accounts Receivable $$235,300$ $$260,000$

Merchandise Inventory $$514,900$ $$458,800$

Prepaid Expenses $$22,900$ $$22,900$

Total Current Assets $$1,119,875$ $$868,200$

Long$-$Term Assets

Land $$20,200$

Equipment $$355,100$ $$355,100$

Less: Accumulated Depreciation $$-102,900$ $$-96,000$

Total Long$-$Term Assets $$252,200$ $$279,300$

Total Assets $$1,372,075$ $$1,147,500$

Liabilities

Current Liabilities

Accounts Payable $$314,800$ $$328,700$

Notes Payable, Current Portion $$39,200$ $$27,600$

Total Current Liabilities $$354,000$ $$356,300$

Notes Payable, Long$-$Term Portion $$209,600$ $$186,700$

Total Liabilities $$563,600$ $$543,000$

Shareholders' Equity

Common Shares $$283,000$ $$241,000$

Retained Earnings $$525,475$ $$363,500$

Total Shareholders' Equity $$808,475$ $$604,500$

Total Liabilities and Equity $$1,372,075$ $$1,147,500$

Additional Information:

During $2023,$ land was sold for a loss of $$4,400.$ There was no purchase of equipment. The company did not pay off any amount of the notes payable.

Vortex Manufacturing

Income Statement

For the Year Ended February $28,2023$

Sales $$2,679,000$

Cost of Goods Sold $$1,607,400$

Gross Profit $$1,071,600$

Operating Expenses

Depreciation Expense $$6,900$

Other Operating Expenses $$718,800$

Total Operating Expenses $$725,700$

Income from Operations $$345,900$

Other Income and Expenses

Loss on Sale of Land $$-4,400$

Income before Income Tax $$341,500$

Income Tax $$119,525$

Net Income $$221,975$

Prepare 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.

Vortex Manufacturing

Cash Flow Statement

For the Year Ended February $28,2023$

Cash Flow from Operating Activities

Net Income Answer

$221975$

Adjustments to Reconcile Net Income to Cash

Depreciation Answer

$6900$

Loss on Sale of Land Answer

$4400$

Change in Operating Assets and Liabilities

Decrease in Accounts Receivable Answer

$24700$

Increase in Merchandise Inventory Answer

$-56100$

Decrease in Accounts Payable Answer

$-13900$

Net Cash Provided $($Used$)$ by Operating Activities Answer

$187975$

Cash Flow from Investing Activities

Sale of Land Answer

$15800$

Net Cash Provided $($Used$)$ by Investing Activities Answer

$15800$

Cash Flow from Financing Activities

Proceeds from Notes Payable Answer

Payment of Cash Dividend Answer

Issue of Common Shares Answer

$42000$

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