We will assume Fitness Equipment Doctor, Inc., is now in its second year of operations. Assume the comparative balance sheet for Fitness Equipment Doctor, Inc., at May 31, 2017, and the income statement for the month ended May 31, 2017, are:

Additional information follows:
During the month, Fitness Equipment Doctor, Inc., purchased a $29,300 truck financed with a note payable; it purchased a $51,000 building site financed with a mortgage payable; and it did not sell any fixed assets during the month.

Requirement
Prepare the statement of cash flows using the indirect method for the month of May?

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Fitness Equipment Doctor, Inc. Comparative Balance Sheets May 31 and April 30, 2017 April 30 May 31 ASSETS $ 5,466 $ 5,290 70,390 24,250 40 Cash Accounts Receivable, net 51,500 20,190 Inventory Supplies Total Current Assets Fixed Assets 105 77,085 100,146 293,800 213,500 Less: Accumulated Depreciation Net Fixed Assets (11,919) (8,910) 281,881 204,590 $382,027 | $281,675 Total Assets LIABILITIES $ 2,415 Accounts Payable Unearned Revenue Salaries Payable Interest Payable Payroll Taxes Payable Dividend Payable Current Portion of Long-Term Debt 400 6,800 1,100 1,033 531 3,500 650 523 112 500 750 12,025 11,185 24,404 Total Current Liabilities 17,120 Notes Payable Mortgage Payable 56,888 172,815 26,888 123,815 Total Liabilities 254,107 167,823 STOCKHOLDERS' EQUITY Preferred Stock 5,000 7,500 75,000 5,000 7,500 75,000 Paid-in Capital in Excess of Par, Preferred Common Stock Paid-in Capital in Excess of Par, Common Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 6,000 34.420 127,920 6,000 20,352 113,852 $281,675 $382,027 Fitness Equipment Doctor, Inc. Income Statement Month Ended May 31, 2017 Net Sales $ 55,325 3,675 Service Revenue Expenses: Cost of Goods Sold Salaries Expense Depreciation Expense Rent Expense Interest Expense Insurance Expense Supplies Expense Payroll Taxes Expense Bank Service Fees Net Income" 30,390 6,240 3,009 2,655 810 326 193 119 20 $ 15,238 *Inoome taxes ignored