The accountant for ToysWorld has compiled the following information about the company and its accounts:

Cash	$10 000
Sales revenue	5 000
Interest Income	2 000
Accounts Payable	3 500
Income tax payable	2 000
Prepaid Insurance	3 000
Expenses	2 000
Accounts Receivable	1 500
Inventory	4 000
Building	25 000
Loan Payable	15 000

Required:

1. What are the assets belonging to ToysWorld (list both names and amounts for each one and calculate the total amount)? (1 mark)
2. What are the amounts that ToysWorld owes for liabilities (list each liability and calculate the total)? (1 mark)
3. Using the accounting equation, what is the amount of Owners Equity reported on ToysWorld balance sheet? (1 mark)
4. How much net profit did ToysWorld have for the year? (1 mark).
5. Describe the terms accounts receivable and accounts payable. (2 marks)