Sales $1 3 2,000 COGS $81300 Gross Prot $50,300 Operating Expenses Insurance Expense $010 Rent Expense $5,620 Salaries Expense $5,??0 Telephone Expense $620 Interest Expense $1,660 Depreciation Expense $1600 Total Operating Expenses $22,000 Operating Prot Before Tax $20,220 Income Tax Expense $9,016? Net Prot [Loss] $18,343 Joe's Fish Hut Balance Sheet As at May 31 2016 2015 ASSETS Current Assets Cash $166,143 $55,200 Accounts receivable $20,500 $15,200 Inventory $23,800 $29,300 Total Current Assets $210,443 $99,700 Property, plant & equipment $150,000 $185,000 Less: Accumulated depreciation $-27,800 $-20,200 TOTAL ASSETS $332,643 $264,500 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $30,800 $35,600 Current portion of bank loan $7,900 $7,900 Total Current Liabilities $38,700 $43,500 Non-current portion of bank loan $82,000 $46,000 TOTAL LIABILITIES $120,700 $89,500 Shareholders' Equity Common shares $73,000 $54,400 Retained earnings $138,943 $120,600 TOTAL SHAREHOLDERS' EQUITY $211,943 $175,000 TOTAL LIABILITIES AND EQUITY $332,643 $264,500