M & K Design Limited Balance Sheet October 31, 2019 Assets Cash Accounts receivable Inventory $22,000 122,000 96,000 240,000 Furniture and Equipment 700,000 Accumulated depreciation - furniture and equipment (300,000) Long term investment 125,500 525,500 $765,500 Liabilities & Shareholder's Equity Liabilities Accounts payable Salary payable Income tax payable $ 158,000 12,000 30,000 200,000 75,000 275,000 Bank loan (long-term) Shareholder's Equity Common shares Retained earnings 50,000 440,500 490,500 $765,500 Selected data from October 31, 2018 financial statements: Total assets $683,500 Accounts receivable $107,500 Inventory $ 60,000 Accounts payable $175,000 M & K Design Limited Balance Sheet October 31, 2019 Assets Cash Accounts receivable Inventory $22,000 122,000 96,000 240,000 Furniture and Equipment 700,000 Accumulated depreciation - furniture and equipment (300,000) Long term investment 125,500 525,500 $765,500 Liabilities & Shareholder's Equity Liabilities Accounts payable Salary payable Income tax payable $ 158,000 12,000 30,000 200,000 75,000 275,000 Bank loan (long-term) Shareholder's Equity Common shares Retained earnings 50,000 440,500 490,500 $765,500 Selected data from October 31, 2018 financial statements: Total assets $683,500 Accounts receivable $107,500 Inventory $ 60,000 Accounts payable $175,000