I have the answer my professor posted for the balance sheet but I am not sure where she got the numbers from. Please elaborate on how to create the balance sheet in this question.

Ida Chen and Frank Mulcati incorporated CM Architects Ltd and each contributed $5,000 by purchasing shares on April 1, 2016.

The same day they borrowed $10,000 Frank's Father for two years at an annual interest rate of 5% which they paid at the end of each month.

They also rented a furnished office for one year for $2,500 a month on April 1 and paid the last month's rent in advance.The rent included all utilities.They paid rent on time at the beginning of each month.

They bought computing equipment for $4,000 paid by cheque at the start of their business.This equipment is estimated to last two years before being sold for an estimated $800 at the end of this time.

Each month they paid $3,000 for a secretary/receptionist, $100 for supplies, $300 to a data processing centre and $200 for deliveries.

Starting in April, client billings each respective month were $10,000, $12,000, $15,000, $14,000, $20,000 and $17,000. Clients always paid their bills next month by the end of the month except one client went bankrupt and the trustee in bankruptcy only paid them $1,000 in August out of the $4,000 that they had billed in June.