The information on the following page is taken from the 2018 financial statements of PetMed

Express, a pet pharmacy that sells prescription and non-prescription medication for cats and dogs,

online, by phone, and via mail order, throughout the United States.

In addition, PetMed Express reported the information below. All amounts are in thousands and

relate to the fiscal year ended March 31, 2018, unless otherwise noted.

The company reported net income of $37,283.

The company purchased property and equipment for $703, all paid in cash before the end of the

year. No property or equipment was disposed of or reclassified during the year.

Net income included bad debt expense of $112.

Net income included share-based compensation of $2,575, a non-cash expense recognized as an

increase to additional paid-in capital.

Accrued expenses included dividends payable of $240 and $217 as of March 31, 2018 and 2017,

respectively.

Required:

Prepare a statement of cash flows for PetMed Express for the year ended March 31, 2018, using the

indirect method.