Use the Below information to create a balance sheet in accordance with GAAP standards;

COMPANY: A$.$B$.$C$.$ Adib$$s Burgers and Chicken

Opening Account Balances

$-$ The business currently holds a cash balance of $280,000$

$-$ Company holds $20,000\text{'}$s worth of inventory

$-$ All appliances owned by business; estimated total value of $140,000$

$-$ China and glassware valued at $45,000$

$-$ equipment, furniture and fixtures estimated value of $60,000$

$-30,000$ set aside for special startup costs

$-$ Approved for Bank loan of $500,000$

$-$ prepaid $3$ months$$ rent at $11,000$ per month to make life easier in the beginning$($this is expense$)$