C COMUITOGA AME ENGAGE -stion 6 The balance sheet and income statement for Joe's Fish Hut are presented below wered Joe's Fish Hut ked out of Balance Sheet As at July 31 lag 2020 2019 tion ASSETS Current Assets Cash $159,880 $62,700 Accounts receivable $19,700 $14,100 Merchandise Inventory $24,600 $27,400 Total Current Assets $204,180 $104,200 Equipment(1) $145,000 $187,000 Less: Accumulated depreciation $-30,000 5-21.100 TOTAL ASSETS $319,180 $270,100 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $32.200 $34,600 Notes payable-current portion $9.700 59.700 Total Current Liabilities 541,900 $44.300 Notes payable-long-term portion $88,000 $55.000 TOTAL LIABILITIES S129,900 $99 300 Type here to search RIW Ne 9 DOLL TOGA AME ENGAGEM TOTAL LIABILITIES $129,900 $99,300 Shareholders' Equity Common shares $74,000 $58,400 Retained earnings(2) $115,280 $112,400 TOTAL SHAREHOLDERS' EQUITY $189,280 $170,800 TOTAL LIABILITIES AND EQUITY $319,180 $270,100 Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $5,200. The cash proceeds from the sale totaled $47,200. 2. Retained Earnings Joe's Fish Hut declared and paid $7,000 in dividends in 2020. Joe's Fish Hut Income Statement For the Year Ended July 31, 2020 Sales $135,000 COGS $87,750 Gross Profit $47,250 Operating Expenses Depreciation Expense $8.900 Other operating expenses $28.350 Total Operating Expenses $37,250 ere to search DOLL = CONSTOGA AME ENGAGEM Joe's Fish Hut declared and paid 3r, in dividends in 2020 Joe's Fish Hut Income Statement For the Year Ended July 31, 2020 Sales $135,000 COGS $87.750 Gross Profit $47,250 Operating Expenses Depreciation Expense $8.900 Other operating expenses $28,350 Total Operating Expenses $37,250 Operating Income $10,000 Other Income Gain on Sale of Equipment $5.200 Net Income Before Tax $15.200 Income Tax $5,320 Net Income 59,880 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 Joe's Fish Hut Type here to search DOLL