Jose Hamlet is a realtor. He organized the business as a corporation on May 16, 2017 the business received $55,000 cash from Hamlet and issued common stock. Hamlet has $22,000 in his personal bank account and $54,000 in the business bank. Hamlet owes $8,300 on a personal charge account at a local department store. Hamlet acquired busniness furniture for $27,800 on May 24, of this amount the business owes $ 10,000 on accounts payable at May 31. Office supplies on hand at the real estate office total $4,000. Hamlet business spent $19,000 for a global realty franchise, which entitles him to represent himself as an agent. Global realty is a natural affiliation of independent real estate agents. This franchise is a business asset. Prepare the balance sheet of the real estate business of Jose Hamlet Realtor Inc. at May 31, 2017. Does it appear that the realty business can pay it's debts? How can you tell? Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business.