A Merchandise Business
Balance Sheet
December 31, 20~
Assets
Current Assets
Bank			$ 47,751
Accounts Receivable	$ 23,829
Allowance for Doubtful Accounts	(390)		23,439
Merchandise Inventory			54,970
Supplies			8,840
Prepaid Insurance			7,792
Prepaid Rent			3,758
Total Current Assets					$ 146,551
Fixed Assets
Office Furniture	$ 81,788
Accumulated Amortization - Furniture	(22,145)		$ 59,643
Office Equipment	162,676
Accumulated Amortization - Equipment	(63,661)		99,015
Delivery Truck	35,300
Accumulated Amortization - Truck	(15,983)		19,317
Total Fixed Assets					177,974
Total Assets					$ 324,525
Liabilities and Owner's Equity
Current Liabilities
Accounts Payable			$ 38,383
GST Payable	$ 7,092
GST Recoverable	(6,624)		468
PST Payable			7,506
Current Portion of Mortgage Payable			2,400
Total Current Liabilities					$ 48,757
Long-Term Liabilities
Loan Payable			$ 24,560
Mortgage Payable			162,940
Total Long-Term Liabilities					187,500
J. Boulton, Capital
Equity, Beginning of the Period			$ 98,548
Add: Net Income (Loss)	$ (280)
Less: Drawings	(10,000)
Increase or Decrease in Equity			(10,280)
Equity, End of the Period					88,268
Total Liabilities and Owner's Equity					$ 324,525