Balance Sheet at December 31 Cash Accounts Receivable Current Year $ 3,900 1,500 150 $ 5,550 $ 600 1,700 3,250 Prepaid Rent Total Assets Salaries and Wages Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Rent and Office Expenses Net Income $ 39,450 35,000 3,900 $ 550 $ 5,550 Previous Year $ 4,725 750 75 $ 5,550 $ 1,600 1,250 2,700 $ 5,550