Statement of Cash Flow

Net increase (decrease) in cash Anewer Cash at the beginning of the year Anewer Cash at the end of the year AnewerThe 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 Asset Cash $131,532| $58,100 Accounts receivable $22,000 $12,300 Merchandise Inventory $20,100| $25,300 Total Current Assets $173,632 $95,700 Equipment( 1) $150,000 $179,000 Less: Accumulated depreciation $-29,500 $-22,300 TOTAL ASSETS $294,132 $252,400 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $29,900 $36,300 Notes payable-current portion $9.900 $9,900 Total Current Liabilities $39,800| $46,200 Notes payable-long-term portion $81,000 $52,000 TOTAL LIABILITIES $120,800 $98.200 Shareholders' Equity Common shares $73,000 $54,800 Retained earnings(2) $100,332| $99,400 TOTAL SHAREHOLDERS' EQUITY|$173,332| $154,200 TOTAL LIABILITIES AND EQUITY $294,132 $252,400 Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $4,700. The cash proceeds from the sale totaled $33,700. 2. Retained Earnings Joe's Fish Hut declared and paid $9,000 in dividends in 2020. Joe's Fish Hut Income Statement For the Year Ended January 31, 2020 Sales $127,000 COGS $82,550 |Gross Profit $44,450 Operating Expenses Depreciation Expense $7.200Other operating expenses $26,670 Total Operating Expenses $33,870 Operating Income $10,580 Other Income Gain on Sale of Equipment $4,700 Net Income Before Tax $15,280 Income Tax $5,348 Net Income $9.932 Create the cash flow statement using the indirect method. 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 Answer Net Income Answer Depreciation Anewer Gain on sale of equipment Change in Operating Assets and Liabilities Anewe Change in Accounts Receivable Anewe Change in Merchandise Inventory Anewe Change in Accounts Payable Net Cash Provided (Used) by Operating Activities Answer Cash Flow from Investing Activities Anewer Sale of equipment Net Cash Provided (Used) by Investing Activities Answer Cash Flow from Financing Activities Anewer Issue of common shares Answer Receipt of notes payable Anewer Payment of cash dividend Net Cash Provided (Used) by Financing Activities