The balance sheet and income statement for Joe's Fish Hut are presented below:
The balance sheet and income statement for Joe's Fish Hut are presented below: 2018 201? ASSETS Current Assets Cash $143,334 $50,300 Accounts receivable $22,300 $12,200 Merchandise Inventory $21,600 $28,000 Total Current Assets $192,234 $91,000 Eq uipment[1) $13?,000 $186,000 Less: Accumulated depreciation $26,500 $23,800 TOTAL ASSETS $302,734 $253,200 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $32,600 $40,400 Notes payablecurrent portion $9,100 $9,100 Total Current Liabilities $41,700 $49,500 Notes payablenoncurrent portion $?8,000 $50,000 TOTAL LIABILITIES $1 19,700 $99,500 Stockholders' Equity Common stock $81,000 $55,900 Retained earni ngs(2) $102,034 $9?,800 Retained earnings(2) $102,034 $97,800 TOTAL STOCKHOLDERS EQUITY $183,034 $153,700 TOTAL LIABILITIES AND EQUITY $302,734 $253,200 Additional Information: 1. Equ_ipment During 2018, equipment 1was sold for a gain of $5,000. The cash proceeds from the sale totaled $54,000. 2. Retained Earnings Joe's Fish Hut declared and paid $9,000 in dividends in 2018. Gross Profit Operating Expenses Depreciation Expense $2,700 Other operating expenses Total Operating Expenses Operating Income $15,360 Other Income Gain on Sale of Equipment $5,000 Net Income Before Tax Income Tax Net Income Net Income l $13,234l Create the cash ow 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. Cash Flow from Operating Activities Net Income Add: Depreciation Less: Gain on sale of equipment Change in Current Assets and Current 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 Change In Current Assets and Current 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 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