Create balance sheet to work out the owner equity

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Reference no: EM131759170

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

Reference no: EM131759170

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