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KATE'S CARDS Balance Sheet August 31, 2019 Assets Current assets Cash . . ... $17,400 Accounts receivable . 11,000 Inventory . ... .. 16,000 Prepaid insurance. 1,000 Total current assets 45,400 Equipment . . 17,500 Accumulated depreciation 3,250 Total assets . $59,650 Liabilities Current liabilities Accounts payable . . $ 6,200 Unearned revenue 1,250 Other current liabilities 1,900 Total current liabilities . 9,350 Note payable . .. 15,000 Total liabilities . . 24,350 Stockholders' equity Common stock . . . .. 500 Additional paid-in-capital 9,500 Preferred stock . . . 5,000 Retained earnings . 20,300 Total stockholders' equity . . 35,300 Total liabilities and stockholders' equity . . ..... $59,650