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| Current Assets | Current Liabilities |
| Fixed Assets | Long-Term Liabilities |
| Total Assets | Total Liabilities |
| Equity | |
| Total Assets | Equity + Total Liabilities |
The statement is balanced when Total Assets = Equity + Total Liabilities.
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| Assets (current) | Liabilities and Owners' Equity | |||
|---|---|---|---|---|
| Cash | $6,600 | Liabilities | ||
| Accounts Receivable | $6,200 | Notes Payable | $5,000 | |
| Assets (non-current) | Accounts Payable | $25,000 | ||
| Tools and equipment | $25,000 | Total liabilities | $30,000 | |
| Owners' equity | ||||
| Capital Stock | $7,000 | |||
| Retained Earnings | $800 | |||
| Total owners' equity | $7,800 | |||
| Total | $37,800 | Total | $37,800 | |
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