Current Assets Cash Accounts Receivable Prepaid Rent Inventory Total Current Assets Long-term Assets Paul's Guitar Shop, Inc. Balance Sheet December 31, 2015 Assets 32,800 300 1,000 39,800 73,900 Leasehold Improvements 100,000 Accumulated Depreciation (2,000) 98,000 PTotal Long-term Assets 98,000 Total Assets: 171,900 7 8 9 Current Liabilities 20 Accounts Payable 21 Accrued Expenses 22 Unearned Revenue 23 Total Current Liabilities 24 Long-term Liabilities 25 Total Liabilities 26 27 28 Owner's Equity 29 Retained Earnings 30 Common Stock 31 Total Owner's Equity 32 Total Liabilities and Owner's Equity Liabilities 49,000 450 1,000 50,450 99,500 149,950 Owner's Equity 11,950 10,000 21,950 171,900