The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at February 28 2020 2019 ASSETS Current Assets Cash $159,946 $69,200 Accounts receivable $24,800 $15,400 Merchandise Inventory $24,500 $27,000 Total Current Assets $209,246 $111,600 Equipment(1) $142,000 $185,000 Less: Accumulated depreciation $-26,500 $-23,600 TOTAL ASSETS $324,746 $273,000 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $31,500 $34,200 Notes payable-current portion $8,500 $8,500 Total Current Liabilities $40,000 $42,700 Notes payable-long-term portion $86,000 $43,000 TOTAL LIABILITIES $126,000 $85,700 Shareholders' Equity Common shares $66,000 $59.100 Retained earnings(2) $132,746 $128,200 TOTAL SHAREHOLDERS' EQUITY $198,746 $187,300 TOTAL LIABILITIES AND EQUITY $324 746 $273,000 Aman MacBook Air Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $6,100. The cash proceeds from the sale totaled $49,100. 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 February 28, 2020 Sales $126,000 COGS $81,900 Gross Profit $44,100 Operating Expenses Depreciation Expense $2,900 Other operating expenses $26,460 Total Operating Expenses $29,360 Operating Income $14,740 Other Income Gain on Sale of Equipment $6,100 Net Income Before Tax $20,840 Income Tax $7,294 Net Income $13,546 Create the cash flow statement using the indirect method. Do not enter dollarsigns or comumas in the input boxes, use the negative sig for a decrease in cash. Joo's Fish Hut A.Sinamani ary 28, 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 MacBook Air 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
