Kim's Book Store Kelly's Book Store Balance Sheet Balance Sheet As At December 31, 2011 As At December 31, 2011 Assets Current Assets: Cash $ 9.000 51,000 Accounts receivable (net) 1,000 4,000 Inventory 6,000 206,000 Prepaid expenses 2,400 5,000 Total Current Assets 18,400 266,000 Long-Term Assests: Display Shelving Etc 49,300 560,000 Less: Accumulated Depreciation 2,000 77,000 Net plant and equipment 47,300 483,000 Total Long-Term Assets: 47,300 483,000 Total assets: $ 65,700 $ 749,000 Liabilities Trade Payables $ 10,000 94.000 Current Portion of LTD 1 100 5,000 Long-term Loan 19,500 90,000 Total Liabilities: 30,600 189,000 Owner's Equity Common Shares 100 10,000 Retained Earnings 35,000 550,000 Total Owner's Equity and Liab$ 65,700 $ 749,000