ARK MIT POWER BANK Balance

Sheet
Current Assets 2017
Cash 550,000
Accounts receivable
Inventory 30,000
Prepaid expenses
Short-term investments
Total current assets 580,000
Fixed (Long-Term) Assets
Long-term investments 172,000
Property, plant, and equipment 200,000

(Less accumulated depreciation) (2,000)

Intangible assets 50,000
Total fixed 420,000
assets
Other Assets
Deferred income tax
Other
Total Other Assets -
Total Assets 1,000,000
Liabilities and Owner's Equity
Current Liabilities
Accounts payable 150,000
Short-term loans 50,000
Income taxes payable 3,145
Accrued salaries and wages 400,000
Total current liabilities 603,145
Long-Term Liabilities
Long-term debt 34,500
Deferred income tax
Other
Total long-term liabilities 34,500
Owner's Equity
Owner's investment 300,000
Retained earnings 55,000
Other 7,355
Total owner's equity 362,355
Total Liabilities and Owner's Equity
1,000,000