Instructions PART 1: Using the information provided to you for the new start-up fast food restaurant, "ABC: Adib's Burger's and Chicken", create the opening Balance Sheet, and answer the following multiple choice questions using your ledger as reference. Opening Account Balances -The business currently holds a cash balance of $3,900 -Company holds roughly $2.400 in product inventory -All appliances: estimated total value of 30,000 -The business just bought a new vehicle valued at 43,000. We put 10% down, and are financing the rest. -$5,500 in Glassware and China -Restaurant is leased, and the first 3 months of rent have been pre-paid at the rate of 8,000/month -Furniture and Fixtures, estimated value of $10,000 -The business has accumulated $2,400 in accounts payable, and another $1,000 in credit card debt! -New and approved Bank Loan of $50,000 (Will Collect) Question 5 What is the company's EQUITY? O $76,700 O $26,700 O $92.100 $168,800 Question 6 Which of the following 5 fundamental Concepts of Accounting is being represented here? "A business exists as an independent entity, as separate from its owner or owners" O Accounting Period Concept O Monetary Concept O Continuity Concept O Business Entity Concept O Historic Concept 1 pts 1 pts. Question 7 Which of the following 5 fundamental Concepts of Accounting is being represented here? "Owners must be able to prove that they are acting in a way that supports the business to last forever!" Monetary Concept Accounting Period Concept O Business Entity Concept O Continuity Concept O Historic Concept D Question 8 Which of the following 5 fundamental Concepts of Accounting is being represented here? "All transactions must appear on financial portfolios to have occurred on the date they actually occurred in real life" O Historic Concept O Continuity Concept O Business Entity Concept O Accounting Period Concept O Monetary Concept 1 pts 1 pts