Lorann Andrews is planning to open a restaurant. She needs your assistance in forecasting the balance sheet using the following information. Round all projections to the nearest thousand. Assume ratios are calculated with ending balances only. Further, assume all sales are credit sales.

Sales = $1,000,000 Cash = 50,000 Accruals = 5,000 Cost of food sold = 30%
ACP = 20 days Inventory turnover = 12 times Asset turnover = 2 times Current ratio = 1.5 Debt-equity = 1 to 1 Required:
Complete the balance sheet below:
Assets Liabilities & Owners’ Equity Cash — Accounts payable Accounts receivable Food inventory Total current assets Property and equipment (net)
Total assets Accrued expenses A ate Total current liabilities Long-term debt L. Andrews capital pe Betis Total liabilities and owner’s equity