Villa Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Villa Foods International Balance Sheet As at January 31 2020 2019 Assets Current Assets Cash Accounts Receivable $264,815 $124,900 $229,600 $259,600 Food & Beverage Inventory $506,400 $458,600 Prepaid Expenses Total Current Assets $22,700 $22,700 $1,023,515 $865,800 Long-Term Assets Land Equipment $0 $16,400 $338,100 $338,100 Accumulated Depreciation $-103,400 $-98,400 Total Long-Term Assets $234,700 $256,100 Total Assets $1,258,215 $1,121,900 Liabilities Current Liabilities Accounts Payable $312,800 $322,400 Notes Payable, Current Portion $36,700 $24,300 Total Current Liabilities $349,500 $346,700| Notes Payable, Long-Term Portion $212,000 $189,700 Total Liabilities Shareholders' Equity $561,500 $536,400