D2L Final Ex X In Final Ex: X In Chapter X In Chapter X In Chapter X C The Foll X C Take Me X DD docx (4 X ) KAP25 X > course X Course X How to x + X C @ https://www.ameengage.com/mod/quiz/attempt.php?attempt=3861793&cmid=1071834&page=27 Question 28 Quiz navigation The balance sheet and income statement for Joe's Fish Hut are presented below: Not yet answered Joe's Fish Hut Balance Sheet Marked out of 16.00 As at July 31 Flag 2020 2019 question ASSETS Current Assets Cash $129,588 $51,100 Accounts receivable $20,900 $15,600 Merchandise Inventory $21,000 $28,500 Total Current Assets $171,488 $95,200 Equipment(1) $146,000 $189,000 Less: Accumulated depreciation $-26,700 $-21,700 TOTAL ASSETS $290,788 $262,500 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $29,600 $41,800 Notes payable-current portion $7,600 $7,600 Total Current Liabilities $37,200 $49,400 Notes payable-long-term portion $81,000 $60,000 TOTAL LIABILITIES $118,200 $109,400 Shareholders' Equity Common shares $72,000 $57,900 Retained earnings(2) $100,588 $95,200 TOTAL SHAREHOLDERS' EQUITY $172,588 $153, 100 TOTAL LIABILITIES AND EQUITY $290,788 $262,500 Additional Information: Contact us! 1. Equipment -4'C Snow showers 1 0 1 0 ) ENG 9:24 AM 2022-03-11 10D2L Final Ex X In Final Ex: X In Chapter X In Chapter X In Chapter X C The Foll X C Take Me X DD docx (4 X ) KAP2 5 X > course X Course X How to X + X C @ https://www.ameengage.com/mod/quiz/attempt.php?attempt=3861793&cmid=1071834&page=27 Additional Information: 1. Equipment During 2020, equipment was sold for a gain of $4,600. The cash proceeds from the sale totaled $47,600. 2. Retained Earnings Joe's Fish Hut declared and paid $6,000 in dividends in 2020. Joe's Fish Hut Income Statement For the Year Ended July 31, 2020 Sales $128,000 COGS $83,200 Gross Profit $44,800 Operating Expenses Depreciation Expense $5,000 Other operating expenses $26,880 Total Operating Expenses $31,880 Operating Income $12,920 Other Income Gain on Sale of Equipment $4,600 Net Income Before Tax $17,520 Income Tax $6,132 Net Income $11,388 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, 2020 Cash Flow from Operating Activities Contact us! -4'C Snow showers 1 0 1 0 ) ENG 9:24 AM 2022-03-11 10D2L Final Ex X In Final Ex X In Chapter X In Chapter X In Chapter X C The Foll X C Take Me X DD docx (4 X ) KAP25 X > course X Course X How to X + X C @ https://www.ameengage.com/mod/quiz/attempt.php?attempt=3861793&cmid=1071834&page=27 use the negative sign for a decrease in cash. Joe's Fish Hut Cash Flow Statement For the Year Ended July 31, 2020 Cash Flow from Operating Activities Net Income Add: Depreciation Less: 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 Contact us! T -4'C Snow showers 1 0 1 0 ) ENG 9:24 AM 2022-03-11 10