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	$133,491	$68,400
Accounts receivable	$22,900	$11,200
Merchandise Inventory	$24,700	$25,500
Total Current Assets	$181,091	$105,100
Equipment(1)	$142,000	$175,000
Less: Accumulated depreciation	$-25,100	$-22,600
TOTAL ASSETS	$297,991	$257,500
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable	$31,400	$41,700
Notes payable-current portion	$8,100	$8,100
Total Current Liabilities	$39,500	$49,800
Notes payable-long-term portion	$77,000	$47,000
TOTAL LIABILITIES	$116,500	$96,800
Shareholders' Equity
Common shares	$68,000	$51,600
Retained earnings(2)	$113,491	$109,100
TOTAL SHAREHOLDERS' EQUITY	$181,491	$160,700
TOTAL LIABILITIES AND EQUITY	$297,991	$257,500

Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $5,600. The cash proceeds from the sale totaled $38,600. 2. Retained Earnings Joe's Fish Hut declared and paid $10,000 in dividends in 2020.

Joe's Fish Hut Income Statement For the Year Ended August 31, 2020
Sales	$136,000
COGS	$88,400
Gross Profit	$47,600
Operating Expenses
Depreciation Expense	$2,500
Other operating expenses	$28,560
Total Operating Expenses	$31,060
Operating Income	$16,540
Other Income
Gain on Sale of Equipment	$5,600
Net Income Before Tax	$22,140
Income Tax	$7,749
Net Income	$14,391

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.

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 $133,491 $68,400 Accounts receivable $22,900 $11,200 Merchandise Inventory $24,700 $25,500 Total Current Assets $181,091 $105,100 Equipment(1) $142,000 $175,000 Less: Accumulated depreciation $-25,100 $-22,600 TOTAL ASSETS $297,991 $257,500 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $31,400 $41,700 Notes payable-current portion $8,100 $8,100 Total Current Liabilities $39,500 $49,800 Notes payable-long-term portion $77,000 $47,000 TOTAL LIABILITIES $116,500 $96,800 Shareholders' Equity Common shares $68,000 $51,600 Retained earnings(2) $113,491 $109,100 TOTAL SHAREHOLDERS' EQUITY $181,491 $160,700 TOTAL LIABILITIES AND EQUITY $297,991 $257,500 Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $5,600. The cash proceeds from the sale totaled $38,600. 2. Retained Earnings Joe's Fish Hut declared and paid $10,000 in dividends in 2020. Joe's Fish Hut Income Statement For the Year Ended August 31, 2020 Sales $136,000 COGS $88,400 Gross Profit $ 47,600 Operating Expenses Depreciation Expense $2,500 Other operating expenses $28,560 Total Operating Expenses $31,060 Operating Income $16,540 Other Income Gain on Sale of Equipment $5,600 Net Income Before Tax $22,140 Income Tax $7,749 Net Income $14,391 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