The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at October 31 2020 2019 ASSETS Current Assets Cash $187,820 $67,300 Accounts receivable Merchandise Inventory Total Current Assets $17,400 $15,700 $23,700 $25,100 $228,920 $108,100 Property, plant & equipment $136,000 $191,000 Less: Accumulated depreciation $-29,800 $-23,200 TOTAL ASSETS $335,120 $275,900 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $29,600 $36,700 Notes Payable-Current Portion $7,000 $7,000 Total Current Liabilities $36,600 $43,700 Notes Payable-Long-Term Portion $84,000 $56,000 TOTAL LIABILITIES $120,600 $99,700 Shareholders Equity Common shares $78,000 $57,600 Retained earnings $136,520 $118,600 TOTAL SHAREHOLDERS EQUITY $214,520 $176,200 TOTAL LIABILITIES AND EQUITY $335,120 $275,900 Joe's Fish Hut Income Statement For the Year Ended October 31, 2020 Sales $130,000 COGS $80,900 Gross Profit $49,100 Operating Expenses insurance Expense $1,580 Rent Expense $5,870 Salaries Expense $5,650 Telephone Expense $820 Interest Expense $1,010 Depreciation Expense $6,600 Total Operating Expenses $21,530 Operating Profit Before Tax $27,570 Income Tax Expense $9,650 Net Profit (Loss) $17,920