One year ago Amy and Phil Jones opened a new gift shop in the Myrtle Beach area. They purchase a 2,000 square foot build

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One year ago Amy and Phil Jones opened a new gift shop in theMyrtle Beach area. They purchase a 2,000 square foot building tohouse their gift shop. The building had a purchase price of$300,000 and cost $50,000 to prepare it for business. Amy and Philwere able to get a loan to purchase the building and prepare it forbusiness from a bank. The bank required a 20% down payment for thetotal project cost. In order to stock the gift shop the couplepurchase $100,000 in inventory. They used a short-term loan topurchase the inventory. The short-term loan required a 10% downpayment. For future inventory purchase, overhead expenses, andwages the couple also put up $20,000 of cash on hand.
How much will their business have in the following accounts:
Total Current Assets (Cash, Accounts Receivable, Inventory,Prepaid Expenses, Short-term Investments)?
Total Fixed Assets (Long-term Investments, Property, Plant, andEquipment, (Less Accumulated Depreciation, Intangible Assets)?
Total Other Assets (Deferred Income Tax, Other)?
Total Current Liabilities (Accounts Payable, Short-term Loans,Income Taxes Payable, Accrued Salaries and Wages, Unearned Revenue,Current Portion of Long-term Debt)?
Total long-term liabilities (Long-term Debt, Deferred IncomeTax, Other)?
Total Owner's Equity (Owner's Investment, Retained Earnings,Other)?
Total Liabilities and Owner's Equity?