2 3 Smokey Pit Bar-B-Q Assets Owned by the Business 4 Cash on hand $25,000 5 Inventory on hand $45,000 6 Value of equipment $300,000 7 Value of building $2,000,000 8 9 Smokey Pit Bar-B-Q Liabilities Owed by the Business 10 Amount owed to vendors $175,000 11 Amount owed to lenders $1,500,000 12 13 Assets Liabilities 14 15 16 17 18 19 Owner's Equity