Please help me with this accounting problem!! preparing the balance sheet.?

the question is shown below:

A company was started by owner early in 2006. initial capital was acquired by issuing shares of common stock to various investors and by obtaining a bank loan. the owner presents you with the following info for the year ending dec. 31, 2006:

1 cash receipts consisted of the following

from customers 360,000 from issue of common stock 100,000 from bank loan 100,000

2 cash disbursements were as follows

purchase of inventory 300,000 rent 15,000 salaries 30,000 utilities 5,000 insurance 3,000 purchase of equipment and furniture 40,000

3 the bank loan was made on mar. 31, 2006 a note was signed requiring payment of interest and principal on march 31, 2007. the interest rate is 12%.

4 the equipment and furniture were purchased on jan. 3, 2006, and have an estimated life of 10 years. depreciation per year is 4,000

5 amount owed to supplier of inventory 20,000 and utility company 1,000

6 rent is 1000 per month dec. 1,2006 4 months rent was paid in advance

Please help me with this accounting problem!! preparing the balance sheet.?credit report

No, the ending inventory is given to you - $100,000

You can use the ending inventory to work out your COGS = Purchases (300,000 + 20,000) 320,000 - 100,000 = 220,000

Balance sheet at Dec 31, 2006

ASSETS

Non-current assets

Equipment %26amp; furniture (nbv) 36,000

Current assets

Inventory 100,000

Prepaid rent 3,000

Cash 167,000

Total assets $306,000

EQUITY %26amp; LIABILITIES

Current liabilities

Note payable 100,000

A/cs payable 20,000

Interest payable 9,000

Utilities payable 1,000

Total liabilities 130,000

Stockholders%26#039; equity

Common stock 100,000

Retained earnings 76,000

Total stockholders%26#039; equity 176,000

Total equity %26amp; liabilities 306,000