You start a restaurant business. You use $20,000 of your own money and take out a loan for $80,000 in order to purchase a building, two ovens, and a cash register. In your first year, you made $100 in sales and paid $50 to purchase ingredients (materials you use to make the food). You had to pay about $10 in taxes and $20 in interest. Your oven depreciates $5 during the first year.

What are your company's liabilities?

What are your company's fixed assets?