Martha Agee operates a Kinko's store. Agee organized the business as a proprietorship on March 1, 2006. Consider the following facts at March 31, 2006:

a. Agee has \(\$ 3,000\) in her personal bank account and \(\$ 17,000\) in her business bank account.

b. Office supplies on hand at the store total \(\$ 1,000\).

c. The business spent \(\$ 15,000\) for a Kinko's franchise, which entitles the business to operate as a Kinko's store. This franchise is an asset.

d. Agee owes \(\$ 34,000\) on a note payable for some land acquired by the business for a total price of \(\$ 60,000\).

e. Agee owes \(\$ 60,000\) on a personal mortgage on her personal residence, which she acquired in 2001 for a total price of \(\$ 100,000\).

f. Agee owes \(\$ 950\) on her personal MasterCard.

g. Agee acquired business furniture for \(\$ 22,000\) on March 26. Of this amount, the business owes \(\$ 15,000\) on account at March 31.

Requirements 

1. Prepare the balance sheet of Kinko's of Santa Rosa at March 31, 2006.

2. Identify the personal items that would not be reported on the balance sheet of the business.