The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at July 31 2018 2017 ASSETS Current Assets Cash Accounts receivable Merchandise Inventory Total Current Assets $175,502 $57,400 $21,800 $15,100 $23,000 $28,500 $220,302 $ 101,000 $149,000 $196,000 $-28,200 $-20,600 $341,102 $276,400 Equipment(1) Less: Accumulated depreciation TOTAL ASSETS LIABILITIES AND EQUITY Liabilities Current Liabilities Liabilities Current Liabilities Accounts payable $26,100 $34,200 Notes payable-current portion $10,000 $10,000 Total Current Liabilities $36,100 $44,200 Notes payable-noncurrent portion $83,000 $45,000 TOTAL LIABILITIES $119,100 $89,200 Stockholders' Equity Common stock $83,000 $51,000 Retained earnings(2) $139,002 $136,200 TOTAL STOCKHOLDERS' EQUITY $222,002 $187,200 TOTAL LIABILITIES AND EQUITY $341,102 $276,400 Additional Information: 1 Equipment During 2018, equipment was sold for a gain of $4,900. The cash proceeds from the sale totaled $51,900 2. Retained Earnings Joe's Fish Hut declared and paid $7,000 in dividends in 2018. Joe's Fish Hut Income Statement For the Year Ended July 31, 2018 Sales $127,000 COGS $82,550 Gross Profit $44,450 Operating Expenses Depreciation Expense $7,600 Other operating expenses $26,670 Total Operating Expenses $34,270 Operating Income $10,180 Other Income CA Income Statement For the Year Ended July 31, 2018 Sales $127,000 COGS $82,550 Gross Profit $44,450 Operating Expenses Depreciation Expense $7,600 Other operating expenses $26,670 Total Operating Expenses $34,270 Operating Income $10,180 Other Income Gain on Sale of Equipment $4,900 Net Income Before Tax $15,080 Income Tax $5,278 $9,802 Net Income 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 July 31, 2018 Cash Flow from Operating Activities Net Income 9802 Add: Depreciation 28200 Less: Gain on sale of equipment 4900 Change in Current Assets and Current Liabilities Change in Accounts Receivable 6700 Change in Merchandise Inventory -5500 Change in Accounts Payable Net Cash Provided (Used) by Operating Activities 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 Sale of common stock Receipt of notes payable Payment of cash dividend Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash Flow from Financing Activities Sale of common stock 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