Expert Q&A AgBiz Corporation Balance Sheet at the End of YEAR 1: Current Assets: $174,000 Cash $ 17,000 Accounts Receivable $ 30,000 Inventory Land Buildings $127,000 Other Assets: $250,000 $255,000 Equipment $235,000 Other Assets: $740,000 Total Assets: $1,020,000 Current Liabilities: $ 89,950 Accounts Payable $ 53,000 Notes Payable $ 36,950 Long-term Liabilities: $320,050 Notes Payable $220,050 Bonds Payable $100,000 Total Liabilities: $410,000 Owner's Equity or Total Net Worth: Total Liabilities and Owner's Equity: $610,000 $1,020,000 AgBiz Corporation Income or Profit/Loss Statement for YEAR 1: Revenues from Sales (Total Sales): Cost of Goods Sold: Gross Margin: $ 336,000 Less: Operating Expenses: Salaries/Wages $1,465,000 $1,129,000 $ 140,000 Office Expenses $ 8,400 Utilities & Fuel $ 44,600 Promotion $ 92,000 Total Operating $285,000 Expenses: Income Before Taxes (Pre-Tax Income): $ 51,000 E: Done