7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan reports financial information monthly. Office Furniture $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Drawings 4,000.

Instruction:

(a) Determine the total assets of Sultan Company at December 31, 2020.

(b) Determine the net income that Sultan Company reported for December 2020.