The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at July 31 2020 2019 ASSETS Current Assets Cash $159,880 $62,700 Accounts receivable $19,700 $14,100 Merchandise Inventory $24,600 $27,400 Total Current Assets $204,180 $104,200 Equipment(1) $145,000 $187,000 Less: Accumulated depreciation $-30,000 $-21,100 TOTAL ASSETS $319,180 $270,100 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts payable $32,200 $34,600 Notes payable-current portion $9,700 $9,700 Total Current Liabilities $41,900 $44,300 Notes payable-long-term portion $88,000 $55,000 TOTAL LIABILITIES Shareholders' Equity Common shares $129,900 $99,300 $74,000 $58,400