Only revenues and expenses are found on an income statement; and only assets, liabilities and owner's equity are found on a balance sheet.

Complete a Balance Sheet as well as an Income Statement. Use the date December 31, 2015 for the Balance Sheet and use "For the Year Ended December 31, 2015" for the Income Statement.

Account

Balance

Accounts Payable

$450

Accounts Receivable

$1 580

Advertising Expense

$225

Bank Loan

$3 690

Building

$85 000

Cash

$6 985

Customization Revenue

$12 365

Equipment

$6 780

Equipment Repair Expense

$125

Land

$65 850

Mortgage

$94 650

Patel N., Capital

$81 060

Parts Expense

$4 570

Repair Revenue

$8 790

Supplies

$3 270

Telephone Expense

$120

Tools

$10 385

Utilities Expense

$385

Wages Expense

$3 565