Question 40

You own a music store that sells instruments and sheet music and provides services such as lessons and instrument repair. You owe $25,000 to instrument vendors and publishers. You have a ten-year bank loan of $50,000. Your bank account balance is $13,000; you own inventory worth $57,000, and you expect $2,000 in receivables. Fixed assets are $22,000. What are your total assets? What are your total liabilities? What is your owners equity? [3 Marks]