The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut ASSETS Current Assets Balance Sheet As at June 30 2020 2019 Cash Accounts receivable Merchandise Inventory $153,075 $63,500 $20,600 $13,800 $20,200 $27,400 Total Current Assets $193,875 $104,700 Property, plant & equipment $149,000 $188,000 Less: Accumulated depreciation $-28,300 $-20,500 TOTAL ASSETS $314,575 $272,200 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $32,400 $34,400 Notes Payable-Current Portion $7,800 $7,800 Total Current Liabilities $40,200 $42,200 Notes Payable-Long-Term Portion $78,000 $52,000 TOTAL LIABILITIES Shareholders' Equity Common shares $118,200 $94,200 $70,000 $57,800