Answer:
Please see details bellow:
Explanation:
BALANCE SHEET
Assets Â
Cash  $24.000 Â
Accounts Receivable  $7.000 Â
Prepaid Insurances  $3.000 Â
Office Equipment  $16.000 Â
Inventory  $2.000 Â
TOTAL ASSETS Â 52.000 Â
Liabilities Â
Accounts Payable  $4.000 Â
Notes Payable  $5.000
TOTAL LIABILITIES Â $9.000 Â
Equity Â
Common Stock  $17.000 Â
Retained Earnings  $26.000 Â
TOTAL EQUITY Â $43.000 Â
INCOME STATEMENT
Sales  $20.000 Â
Salaries Expenses   -$10.000 Â
Insurances Expenses -$1.500 Â
Utilities Expenses  -$4.000 Â
Net Income  $4.500 Â