Cash Accounts receivable Supplies $12,000 11,000 8,000 Equipment 7,000 Accounts payable 15,500 Common stock 14,500 Retained earnings, Dec. 31, 2016 6,000 Retained earnings, Dec. 31, 2017 8,000 Dividends 15,000 Consulting revenue 37,000 Rental revenue 26,000 Salaries expense 22,000 Rent expense 14,000 Selling and administrative expenses 10,000 Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2017 Assets Liabilities Cash $ 12,000 Accounts payable S 15,500 Accounts receivable 11,000 Supplies 8,000 Total liabilities 15,500 Equipment 7,000 Equity Common stock 14,500 Total equity 14,500 Total assets $ 38,000 Total liabilities and equity $ 30,000