Presented below are the amounts of (a) the assets and liabilities of Canadian Gardening Consultants as of December 31, 2017, and (b) the revenues and expenses of the company for the year ended December 31, 2017. The items are listed in alphabetical order.

The opening balance of owner's equity was $300,000. At year end, after the calculation of net income, the owner, Jin Wu, withdrew $103,500.
Required
1. Prepare the business's income statement for the year ended December 31, 2017.
2. Prepare the statement of owner's equity of the business for the year ended December 31, 2017.
3. Prepare the balance sheet of the business at December 31, 2017.
4. Answer these questions about the business:
a. Was the result of operations for the year a profit or a loss? How much was it?
b. Did the business's owner's equity increase or decrease during the year? How would this affect the business's ability to borrow money from a bank in the future?
c. How much in total economic resources does the business have at December 31, 2017, as it moves into the New Year? How much does the business owe? What is the dollar amount of the owner's portion of the business at December 31, 2017?

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Accounts Payable. Accounts Receivable. Insurance Expense$4,500 Interest Expense ..36,000 48,500 300,000 15,000 Computer Equipment..165,000 7,000 45,000 Note Payable Salary Expense Salary Pay Service Revenue Supplies 15,000 37,500 195,000 240,000 Courier Expense Furniture .. 450,000 7,500