Joe's Fish Hut Balance Sheet As at August 31 2016 2015 ASSETS Current Assets Cash $181,271 $52,400 Accounts receivable $22,100 $15,600 Inventory $24,700 $28,700 Total Current Assets $228,071 $96,700 Equipment(1) $138,000 $194,000 Less: Accumulated depreciation $-29,800 $-22,600 TOTAL ASSETS $336,271 $268,100 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $30,900 $36,000 Current portion of bank loan $9,200 $9,200 Total Current Liabilities $40,100 $45,200 Non-current portion of bank loan $86,000 $45,000 TOTAL LIABILITIES $126,100 $90,200 Shareholders' Equity Common shares $80,000 $51,700 Retained earnings(2) $130,171 $126,200 TOTAL SHAREHOLDERS' EQUITY $210,171 $177,900 TOTAL LIABILITIES AND EQUITY $336,271 $268,100 Additional Information: 1. Equipment During 2016, equipment was sold for a gain of $4,900. The cash proceeds from the sale totaled $60,900. 2. Retained Earnings Joe's Fish Hut declared and paid $6,000 in dividends in 2016. Joe's Fish Hut Income Statement For the Year Ended August 31, 2016 Sales $126,000 COGS $81,900 Gross Profit $44,100 Operating Expenses Depreciation Expense $7,200 Other operating expenses Total Operating Expenses $33,660 Operating Income $10,440 Other Income Gain on Sale of Equipment $4,900 Net Income Before Tax $15,340 Income Tax $5,369 Net Income $9,971 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 Cash Flow Statement For the Year Ended August 31, 2016 Cash Flow from Operations Net Income Add: Depreciation Less: Gain on sale of equipment Change in Current Assets and Current Liabilities Change in Accounts Receivable Change in inventory Change in Accounts Payable Change in Cash Due to Operations Cash Flow from Investing Sale of equipment Change in Cash Due to Investing Cash Flow from Investing Sale of equipment Change in Cash Due to Investing Cash Flow from Financing Sale of common shares Receipt of bank loan Payment of cash dividend Change in Cash Due to Financing Net increase (decrease) in cash Cash at the beginning of the year Cash at the end of the year