Question

3) Set up a beginning balance sheet, given the following information:
	Bank Loan		$150,000.00
	Owner Capital		$75,000.00
	Note payable		$10,000.00
	Inventory		$53,000.00
	Equipment		$125,000.00
	Vehicle		$30,000.00
	Prepaid expenses		$4,000.00
	Cash		$23,000.00

Answer 1

Assets	$	Liabilities and stockholders equity	$
Current Assets		Current Liabilities
Cash	23,000
Inventory	53,000	Notes payable	10,000
Prepaid expenses	4000
Total Current Assets	80,000	Total Current liabilities	10,000
Non Current Assets		Non Current liabilities
Tangible fixed assets		Bank loan	150,000
Equipment	125,000
Vehicle	30,000	Total non current liabilities	150,000
Total non current assets	155,000	Total liabilities	160,000
		Stockholders equity
		Owner Capital	75,000
		Total stockholders equity	75,000
Total assets	235,000	Total liabilities and stockholders equity	235,000