Consider the following information: Cash: $10,000
Accounts Receivable: $7,000
Office Supplies: $2,000
Prepaid Insurance: $3,000
Buildings: $150,000
Accumulated Depreciation: ($30,000)

Accounts Payable: $5,000
Notes Payable: $30,000
Owner's Equity: $107,000

From the above set of data, what is the total for assets, liabilities, and equity?

a.
Total Assets: $142,000
Total Liabilities: $35,000
Total Equity: $107,000

b.
Total Assets: $172,000
Total Liabilities: $35,000
Total Equity: $137,000

c.
Total Assets: $152,000
Total Liabilities: $35,000
Total Equity: $117,000

d.
Total Assets: $167,000
Total Liabilities: $30,000
Total Equity: $137,000

a. Total Assets: $142,000

Total Liabilities: $35,000

Total Equity: $107,000

Explanation:

Total Assets = Fixed assets + Current assets

Fixed assets = Building + Depreciation

= $150000 - ($30000)

= $120000

Current assets = Cash + Accounts Receivable + Office Supplies + Prepaid Insurance

= $10,000 + $7,000 + $2,000 + $3,000

= $22000

Total assets = $120000 + $22000 = $142000

Total Liabilities = Accounts Payable + Notes payable

= $5,000 + $30,000

= $35000

Owner's Equity: $107,000

Therefore, the answer is

Total Assets: $142,000

Total Liabilities: $35,000

Total Equity: $107,000

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!