| XYZ Balance Sheet as of xx,xx,xxxx | |
| Assets | |
| Current Assets | |
| Cash | 5,000 |
| Petty Cash | 1,000 |
| Accounts Receivable | 10,000 |
| Prepaid Expenses | 2,000 |
| Inventory | 25,000 |
| Supplies | 1,000 |
| Total Current Assets | 44,000 |
| Property & Equipment | |
| Land | 20,000 |
| Buildings-Net | 100,000 |
| Vehicles-Net | 15,000 |
| Total Property & Equipment | 135,000 |
| Total Assets | 179,000 |
| Liabilities & Equity | |
| Liabilities | |
| Current Liabilities | |
| Accounts Payable | 10,000 |
| Taxes Payable | 3,000 |
| Accrued Wages | 2,000 |
| Note Payable-Current | 20,000 |
| Total Current Liabilities | 35,000 |
| Long Term Liabilities | |
| Note Payable-Long Term | 70,000 |
| Total Liabilities | 105,000 |
| Capital | |
| Capital-Beginning | 50,000 |
| Net Income | 24,000 |
| Total Capital | 74,000 |
| Total Liabilities & Equity | 179,000 |
Note: Profit or Loss was calculated using the Balance Sheet Equation
Assets=Liabilities + Owner's Capital (Beginning Capital +Profit/Loss)
179,000=105,000+50,000 + Profit/Loss
179,000-105,000-50,000 = Profit/Loss
24,000 = Profit/Loss