ARMANI COMPANY Balance Sheet ------------------------------ Assets: Cash: $10,400 Accounts receivable: $9,000 Supplies: $7,000 Equipment: $6,000 Total assets: $32,400 ------------------------------ Liabilities: Accounts payable: $11,000 Equity: Common stock: $14,000 Retained earnings (Dec. 31, current year): $-1,000 Total liabilities and equity: $24,000