Nolito's Store

Statement of Changes in Equity

As of Dec.31,2020
Nolito, Tan Capital, 01/01/2020 238,200
Add: Net Income 100,300
Total 338,500
Less: Nolito Tan, Drawings 100,000
Nolito Tan, Capital 12/31/2020 238,500

Nolito's Store
Balance Sheet
As of Dec.31,2020

ASSETS
Current Assets
Cash 14,000
Accounts receivable 54,500
Allowance for doubtful accounts 500 54,000
Notes Receivable 20,000
Merchandise inventory 157,000
Unused Supplies 800
Prepaid Insurance 300
Total Current Assets 246,100
Non-Current Assets
Store equipment 56,000
Accumulated depreciation 22,000 34,000
TOTAL ASSETS 280,100
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 30,000
Notes payable 10,000
Accrued interest expense 100
Accrued operating expense 1,500
Total Current Liabilities 41,600
Equity
Nolito Tan, Capital 12/31/2020 238,500
TOTAL LIABILITIES AND EQUITY 280,100