Presented below is selected information related to Li Fashions at December $31,2025.$ Li reports financial information monthly.

Equipment

Cash

Service Revenue

Rent Expenso

Accounts Payable

HK$$10,000$ Utilities Expense

$8,000$ Accounts Receivable

$36,000$ Salaries and Wages Expense

$11,000$ Notes Payable

$2,000$ Dividends

HK$ $4,000$

$9,000$

$7,000$

$16,500$

$5,000$

a Determine the total assets of Li at December $31.2025.$

b$.$ Determine the net income that Li reported for December $2025.$

C$.$ Determine the equity of Li at December $31,2025.$