The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at October 31 2018 2017 ASSETS Current Assets Cash $142,938 $66,100 Accounts receivable $17,400 $15,700 Merchandise Inventory $21,300 $26,300 Total Current Assets $181,638 $108,100 Equipment(1) $139,000 $191,000 Less: Accumulated depreciation $-28,800 $-20,300 TOTAL ASSETS $291,838 $278,800 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $25,800 $40,600 Notes payable-current portion $8,300 $8,300 Total Current Liabilities $34,100 $48,900 Notes payable-noncurrent portion $76,000 $56,000 TOTAL LIABILITIES Stockholders' Equity Common stock $110,100 $104,900 $67,000 $58,600