a.	Cash receipts consisted of the following:

From customers	$	469,050
From issue of common stock		180,000
From bank loan		118,000

b.	Cash disbursements were as follows:

Purchase of inventory	$	316,000
Rent		45,000
Salaries		46,000
Utilities		21,000
Insurance		19,000
Purchase of equipment and furniture		36,000

c.	The bank loan was made on March 31, 2016. A note was signed requiring payment of interest and principal on March 31, 2017. The interest rate is 10%.
d.	The equipment and furniture were purchased on January 3, 2016, and have an estimated useful life of 5 years with no anticipated salvage value. Depreciation per year is $7,200.
e.	Inventories on hand at the end of the year cost $116,000.
f.	Amounts owed at December 31, 2016, were as follows:

To suppliers of inventory	$	36,000
To the utility company		3,000

g.	Rent on the store building is $3,000 per month. On December 1, 2016, four months' rent was paid in advance.
h.	Net income for the year was $92,000. Assume that the company is not subject to federal, state, or local income tax.
i.	Three hundred thousand shares of no par common stock are authorized, of which 36,000 shares were issued and are outstanding.

Required:

Prepare a balance sheet at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)