One year ago Amy and Phil Jones opened a new gift shop in the Myrtle Beach area. They purchase a 2,000 square foot building to house their gift shop. The building had a purchase price of $300,000 and cost $50,000 to prepare it for business. Amy and Phil were able to get a loan to purchase the building and prepare it for business from a bank. The bank required a 20% down payment for the total project cost. In order to stock the gift shop the couple purchase $100,000 in inventory. They used a short-term loan to purchase the inventory. The short-term loan required a 10% down payment. For future inventory purchase, overhead expenses, and wages the couple also put up $20,000 of cash on hand.

How much will their business have in the following accounts:

Total Current Assets (Cash, Accounts Receivable, Inventory, Prepaid Expenses, Short-term Investments)

Total Fixed Assets (Long-term Investments, Property, Plant, and Equipment, (Less Accumulated Depreciation, Intangible Assets)

Total Other Assets (Deferred Income Tax, Other)

Total Current Liabilities (Accounts Payable, Short-term Loans, Income Taxes Payable, Accrued Salaries and Wages, Unearned Revenue, Current Portion of Long-term Debt)

Total long-term liabilities (Long-term Debt, Deferred Income Tax, Other)

Total Owner's Equity (Owner's Investment, Retained Earnings, Other)