help solve please i dont understand the steps

2 3 4 HOMEWORK EXERCISE: INCOME STATEMENT AND BALANCE SHEET CONSTRUCTION EXERCISE 1: HELEN'S PIANO SHOP $0 Below you will find the items for the balance sheet for Helen's Piano Shop for the period ended December 31, 2015. Construct the balance sheet. 0 0 $0 5 6 ASSETS 7 7 Current Assets 8 9 10 11 12 Total Current Assets 13 14 Fixed Assets 15 16 17 18 Total Fixed Assets 19 Total Assets 20 21 LIABILITIES AND SHAREHOLDERS' EQUITY 22 Current Liabilities 23 24 25 Total Current Liabilities 26 27 Long-Term Liabilities 28 Total Long-Term Liabilities 29 30 Total Liabilities 31 32 Shareholders' Equity 33 34 35 Total Shareholders' Equity 36 37 Total Liabilities and Shareholders' Equity 38 39 40 $0 Helen's Piano Shop Inventory $27,300 Prepaid rent $930 Long-term liabilities $86,450 Retained earnings $6,750 Accounts receivable $500 Accounts payable $27,300 Accrued expenses $600 Property and Equipment $85,000 Cash $21,070 Accumulated depreciation See note below Common stock $5,200 0 0 $0 Note: Helen's Property and Equipment (which is valued at $85,000) has a 10-year life and was purchased on December 31, 2014