Q16

The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at August 31 2013 2012 ASSETS Current Assets Cash $182,580 $68,000 $24,500 $15,500 Accounts receivable Inventory $20,700 $26,000 $227,780 $109,500 Total Current Assets Property, plant & equipment $139,000 $181,000 Less: Accumulated depreciation $-29,000 $-21,800 TOTAL ASSETS $337,780 $268,700 LIABILITIES AND EQUITY Liabilities Current Liabilities $27,000 $35,400 Accounts payable Current portion of bank loan $8,600 $8,600 $35,600 $44,000 Total Current Liabilities Long-term portion of bank loan $79,000 $46,000 TOTAL LIABILITIES $114,600 $90,000 Stockholders' Equity Common stock $85,000 $53,800 Retained earnings $138,180 $124,900 TOTAL STOCKHOLDERS' EQUITY $223, 180 $178,700 TOTAL LIABILITIES AND EQUITY $337,780 $268,700