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The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at January 31 2020 2019 ASSETS Current Assets Cash $153,462 $66,800 Accounts receivable $20,200 $10,200 Merchandise Inventory $21,100 $27,600 Total Current Assets $194,762 $104,600 Equipment (1) $131,000 $174,000 Less: Accumulated depreciation S-27,200 $-22,900 TOTAL ASSETS $298,562 $255,700 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $29,700 $40,900 Notes payable-current portion $7,200 $7,200 Total Current Liabilities $36,900 $48,100 Notes payable-long-term portion $72,000 $41,000 TOTAL LIABILITIES $108,900 $89,100 Shareholders' Equity Common shares $76,000 $55,600 Retained earnings (2) $113,662 $111,000 TOTAL SHAREHOLDERS' EQUITY $189,662 $166,600 TOTAL LIABILITIES AND EQUITY $298,562 $255,700 Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $5,300. The cash proceeds from the sale totaled $48,300. Contact us 2. Retained Earnings Joe's Fish Hut declared and paid $10,000 in dividends in 2020. Joe's Fish Hut Income Statement For the Year Ended January 31, 2020 Sales $132,000 COGS $85,800 Gross Profit $46,200 Operating Expenses Depreciation Expense $4,300 Other operating expenses $27,720 Total Operating Expenses $32,020 Operating Income $14,180 Other Income Gain on Sale of Equipment $5,300 Net Income Before Tax $19,480 Income Tax $6,818 Net Income $12,662 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 January 31, 2020 Cash Flow from Operating Activities Net Income Depreciation Gain on sale of equipment Change in Operating Assets and Liabilities Change in Accounts Receivable Change in Merchandise Inventory Contact us Change in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of equipment Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issue of common shares Receipt of notes payable Payment of cash dividend Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the beginning of the year Cash at the end of the year