Assignment on What is the Purpose of Hi-Fi Way?

Hi-Fi Way (MONIYSHA MURUGAN)
206 MACKINTOSH AVENUE MELBOURNE,VIC,3000 AUSTRALIA
Balance Sheet
As of January 2019
8/14/2019
3:09:27 AM
Assets
Current Assets
Cash On Hand $110,914.00
ACCOUNTS RECEIVABLE $88,127.00
Less Prov'n for Doubtful Debts ($2,334.00)
Inventory $108,380.00
OFFICE SUPPLIES $1,211.00
PREPAID RENT $5,000.00
Total Current Assets $311,298.00
NON CURRENT ASSETS
PROPERTY & EQUIPMENT $20,167.00
Total NON CURRENT ASSETS $20,167.00
Total Assets $331,465.00
Liabilities
Current Liabilities
ACCOUNTS PAYABLE $57,157.00
GST Liabilities $5,232.00
Payroll Liabilities $2,925.00
INTEREST PAYABLE $150.00
SHORT TERM LOANS $18,000.00
Total Current Liabilities $83,464.00
Long-Term Liabilities
Bank Loans $42,000.00
Total Long-Term Liabilities $42,000.00
Total Liabilities $125,464.00
Net Assets $206,001.00
Equity
SHARE CAPITAL $55,000.00
Retained Earnings $146,869.00
Current Year Earnings $4,132.00
Historical Balancing $0.00
Total Equity $206,001.00