Below is a list of the assets and liabilities of a night club at the end of the year (March 30, 2015). Create a balance sheet to work out the owner’s equity at March 30, 2015.
Motor vehicle $20,000
Inventory $5,000
Bank loan $20,000
Cash $1,000
Accounts payable $10,000
Accounts receivable $4,500
Equipment $20,000
Furniture and fixtures $10,000
Accumulated depreciation $1,000
Mortgage $100,000
Accrued wages/salaries payable $25,000