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What are assets-liabilities and equity

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You are a promising artist, who would like to start a tattoo parlor. You will need $10,000 to purchase the necessary equipment, $5,000 for advertising, and another $1,000 to build your website and establish a social media presence. You currently have $5,000 in the bank for operating costs, and have borrowed $7,000 from the bank for start-up costs. Additionally, you have invested $8,000 of your own money in the business. What are your assets, your liabilities, and your equity?

Reference no: EM133234126

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