The balance sheet shows total current assets of $501,826 including $470,780 in cash, $24,046 in inventory, and $7,000 in prepaid rent. Total liabilities are $133,700 consisting of $107,700 in payables and a $26,000 loan. Owner's equity totals $368,126 with $197,486 in capital and $170,640 in profit. Total assets equal total liabilities and owner's equity of $501,826.
The balance sheet shows total current assets of $501,826 including $470,780 in cash, $24,046 in inventory, and $7,000 in prepaid rent. Total liabilities are $133,700 consisting of $107,700 in payables and a $26,000 loan. Owner's equity totals $368,126 with $197,486 in capital and $170,640 in profit. Total assets equal total liabilities and owner's equity of $501,826.
The balance sheet shows total current assets of $501,826 including $470,780 in cash, $24,046 in inventory, and $7,000 in prepaid rent. Total liabilities are $133,700 consisting of $107,700 in payables and a $26,000 loan. Owner's equity totals $368,126 with $197,486 in capital and $170,640 in profit. Total assets equal total liabilities and owner's equity of $501,826.