On March 1st 2010 Mario, a pizza maker, invested his life savings (he had recently sold a valuable painting) into a new business venture he intended to run. His first act was to invest $250,000 into the corporation called “Mario’s Pizzas Inc”. In return, he took 400,000 common shares of the corporation. As the owner-manager of the business he then, purchased a small building which contained an industrial kitchen, and all of the major appliances (a walk-in fridge, a pizza oven, a warming oven, etc.) necessary to run a take-away pizza shop. The building cost him $200,000. Over the next 2 months, Mario proceeded to purchase $30,000 worth of kitchen equipment and supplies (various pots and pans, and drawers full of knives, cutting boards and utensils). On April 29th, two nights before his grand opening, he purchased $4,000 worth of groceries and produce: several 20 kg. bags of flour, two dozen 10 kgs. bags of sugar, yeast, crates full of tinned tomato paste, 100 kgs. of mozzarella cheese, and a van load of fresh and frozen tomatoes, mushrooms, green peppers, etc. Late that night, he sat down to open all his mail. It contained letters and cards from friends and old business acquaintances from all over the world wishing him good luck in his new business. Also in the mail was a bill, from the graphic designer who had helped Mario design the sign outside the store, the instore signage and the menus. The bill was for $3,000. This was the amount that Mario had negotiated with the designer, and it seemed to be fair since the graphic designer had spent many hours on the project and produced some eye-catching designs. The bill from the graphic designer indicated that it was to be paid immediately. “I’ll send him a check, this week” Mario thought to himself. The only other thing in the mail was an invoice from Mario’s insurance company. Mario had insured the building and its contents, and he now owed $3,000 to the Safe-T First Insurance Company. “hmmm...” Mario sighed “I suppose I should pay this soon, too.” Fortunately, the money that Mario had not spent was in the business’ bank account. 38) Calculate the value of Mario’s Pizzas Inc.’s total assets on April 29th: a) $200,000 b) $230,000 c) $234,000 d) $250,000 39) Calculate the value of Mario’s Pizzas Inc.’s current assets on April 29th: a) $4,000 b) $16,000 c) $20,000 d) $30,000 40) Calculate Mario’s Pizzas Inc.’s current liabilities on April 29th a) $3,000 b) $6,000 c) $24,000 d) $30,000