The X Press

Business Partners:

-Angelica Moss
-Tim
-Rachell
-Tim
-Nacole
-Paul



Accounting Equation:

Assets= Liabilities+ Owners Equity

Assets:

-Musical Equipment
-Key Boards
-Speakers
-Earphones
-Music stands
-Mirror
-Stretching Banister

Liabilities:
-Loan: 600,000
-Taxes: 90,000
-Utilities: 8,000
-Salaries:50,000 (music teachers and dance teachers security)
-Unearned Revenue: 15,000
-Security
-Lease on building
-Advertising

Total=763,000

Owners Equity:
-Investments= 500,000
-6 partners=60,000 each
Total=560,000

Equation: Assets: 606,000= Liabilities: 763,000+ Owners Equity: 560,000