Write a narrative/Explanation on the Balance sheet.

BALANCE SHEET

Assets	Beginning 01/06/2018 - Ending 31/5/2019	Beginning 01/06/2019 - Ending 31/5/2020	Percent Change
Cash	$ 40,000	$40,000	0%
Account Receivable	101,000	$85,000	-16%
Inventories	300,000	300,000	0%
Total Current Asset	441,000	425,000	-4%
Equipment	19,000	21,000	-10%
Intangibles	50,000	50,000	0%
Total Assets	510,000	496,000	-3%
Liabilities
Accounts Payable	138,000	131,000	-5%
Other Current Liabilities	6,000	5,500	-8%
Total Current Liabilities	144,000	136,500	-6%
Long-Term Debt	14,000	14,000	0%
Other Long-Term Liabilities	2,000	1,500	-25%
Total Liabilities	160,000	152,000	-5%
Equity
Common Stock	110,000	110,000	0%
Retained Earnings	209,000	203,000	-3%
Treasury Stock	-	-	-
Paid in Capital & other	31,000	31,000	0%
Total Equity	350,000	344,000	-2%
Total Liabilities and Equity	$510,000	496,000	-3%