debts is estimated at 2% of accounts receivable. 7. The bank overdraft is included in the current liabilities. 8. The interest expense on the term loan is €2,500 per annum. 9. The net profit for the year is €45,000. 10. The owner's equity at the beginning of the year was €150,000. 11. The owner's drawings for the year were €20,000. 12. The sales revenue for the year was €250,000. 13. The total assets at the end of the year were €500,000. 14. The total liabilities at the end of the year were €200,000. 15. The total expenses for the year were €150,000.