Tees R Us Classified Balance Sheet As at January 31 , 2021 Assets Cash $35,600 Accounts Receivable 16,870 Merchandise Inventory 12,500 Prepaid Insurance 4.400 Total Current Assets 69.370 Long-Term Assets Equipment 162,000 Accumulated Depreciation -52,000 110,000 Total Assets $179,370 Liabilities Current Liabilities Accounts Payable $12,000 Unearned Revenue $9,000 Salaries Payable $5,700 Current Portion of Bank Loan 11,160 Total Current Liabilities $37 860 Non-Current Liabilities Non-Current Portion of Bank Loan 23,840 Total Liabilities $61,700 Shareholders' Equity Common Shares 81,000 Retained Earnings 36 670 Total Shareholders' Equity 117,670 Total Liabilities & Equity $179,370 Notes Relating to Balances: Customers and balances Suppliers and Balances Columbia 53,200 Henley Arrow 56,400 57,500 Dickies $4,250 Fabrica $4,500 Martin $2,100 Total $12,000 Short 5920 Total $16,870 The bank loan has an annual interest rate of 5% and has monthly principal payment of $930. The inventory figure includes 500 units purchased at $25.00 each