The balance sheet and income statement for Joe's Fish Hut are presented below:

Joe's Fish Hut Balance Sheet As at August 31
	2020	2019
ASSETS
Current Assets
Cash	$149,979	$57,900
Accounts receivable	$25,000	$16,600
Merchandise Inventory	$21,700	$25,600
Total Current Assets	$196,679	$100,100
Equipment(1)	$141,000	$193,000
Less: Accumulated depreciation	$-29,200	$-23,200
TOTAL ASSETS	$308,479	$269,900
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable	$32,200	$36,500
Notes payable-current portion	$8,600	$8,600
Total Current Liabilities	$40,800	$45,100
Notes payable-long-term portion	$85,000	$58,000
TOTAL LIABILITIES	$125,800	$103,100
Shareholders' Equity
Common shares	$71,000	$59,600
Retained earnings(2)	$111,679	$107,200
TOTAL SHAREHOLDERS' EQUITY	$182,679	$166,800
TOTAL LIABILITIES AND EQUITY	$308,479	$269,900

Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $4,200. The cash proceeds from the sale totaled $56,200. 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 August 31, 2020
Sales	$139,000
COGS	$90,350
Gross Profit	$48,650
Operating Expenses
Depreciation Expense	$6,000
Other operating expenses	$29,190
Total Operating Expenses	$35,190
Operating Income	$13,460
Other Income
Gain on Sale of Equipment	$4,200
Net Income Before Tax	$17,660
Income Tax	$6,181
Net Income	$11,479

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, 2020
Cash Flow from Operating Activities
Net Income	Answer
Depreciation	Answer
Gain on sale of equipment	Answer
Change in Operating Assets and Liabilities
Change in Accounts Receivable	Answer
Change in Merchandise Inventory	Answer
Change in Accounts Payable	Answer
Net Cash Provided (Used) by Operating Activities		Answer
Cash Flow from Investing Activities
Sale of equipment	Answer
Net Cash Provided (Used) by Investing Activities		Answer
Cash Flow from Financing Activities
Issue of common shares	Answer
Receipt of notes payable	Answer
Payment of cash dividend	Answer
Net Cash Provided (Used) by Financing Activities		Answer
Net increase (decrease) in cash		Answer
Cash at the beginning of the year		Answer
Cash at the end of the year		Answer

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, 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 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