Joe's Fish Hut Balance Sheet As at July 31

2019

2018

ASSETS

Current Assets

Cash

$191,702

$55,700

Accounts Receivable

$24,400

$16,900

Merchandise Inventory

$24,300

$29,500

Total Current Assets

$240,402

$102,100

Property, Plant & Equipment

$130,000

$198,000

Less: Accumulated Depreciation

$-28,200

$-21,300

TOTAL ASSETS

$342,202

$278,800

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable

$31,700

$41,000

Bank Loan-Current Portion

$6,300

$6,300

Total Current Liabilities

$38,000

$47,300

Bank Loan-Long-Term Portion

$71,000

$43,000

TOTAL LIABILITIES

$109,000

$90,300

Shareholders' Equity

Share Capital

$84,000

$56,100

Retained Earnings

$149,202

$132,400

TOTAL SHAREHOLDERS' EQUITY

$233,202

$188,500

TOTAL LIABILITIES AND EQUITY

$342,202

$278,800

Joe's Fish Hut Income Statement For the Year Ended July 31, 2019

Sales

$131,000

COGS

$85,200

Gross Profit

$45,800

Operating Expenses

Insurance Expense

$890

Rent Expense

$4,220

Salaries Expense

$5,680

Telephone Expense

$900

Interest Expense

$1,360

Depreciation Expense

$6,900

Total Operating Expenses

$19,950

Operating Profit Before Tax

$25,850

Income Tax Expense

$9,048

Net Profit (Loss)

$16,802