[A] Chuck had identified the following key projects that needed to be completed prior to opening the food truck. In order to achieve this, he put in $150K of his own money and took a loan out of $200K. Besides 2 weeks of training at $25K, rental of a Prep Kitchen at $5K, a food license at $5K and other miscellaneous costs, he needed to produce his machines, get a food truck develop the menu, and buy a POS/Order system. Below is his Startup Expense Spreadsheet.

Startup Expenses Food Truck Sandwich Machines Menu Development POS/ Order System Training License Prep Kitchen Misc. Other Total Start-up Expense $200,000 $50,000 $25,000 $5,000 $25,000 $5,000 $5,000 $5,000 320,000 Project Expenses Other Expenses He had decided to delay payments to employees and vendors for 30 days after he started his business. He also realizes for training and initial inventory he needs 30 days of product at full capacity. How would his balance sheet look when his projects were completed and he was ready to open the store? (10 points) Assets Liabilities and OwnersE Current Assets Current Liabilities Cash Inventory $85,000 Wages Payable $25,000 $30,000 Accounts Payable Property Plant and Equipment oans and Long-term Liabilties $200,000 $200,000 Truck Equipment $55,000 Stockholders' Equity $150,000 ($55,000) Common Stock Other Assets $10,000 ted Earnings Total Assets $350,000 Total Liabilities and Equity$350,000