Question No. (11) (5 minutes): Nano Company is a service company. Nano has the following balances at the start of January 2016: Share Capital $ 20,000 Retained Earnings $ 10,000 Accounts Receivable $ 6,000 Accounts Payable $ 4,000 Cash $ 8,000 The following transactions took place during 2016: 15 February Collected $ 5,980 cash from the Accounts Receivable. 20 August: Paid $ 3,980 cash to the accounts payable. 31 December: Collected $ 9,000 cash in advance for services to be performed over the 3 years 2017, 2018 and 2019. 31 December: Paid $ 19,000 cash in advance for an insurance policy for 2 years 2017 and 2018. Required: 1- Calculate the balance of Accounts Receivable at 31 December 2016. 2- Calculate the balance of Accounts Payable at 31 December 2016. 3- Calculate the Net Income for the year ended 31 December 2016. 4- Calculate the balance of Cash at 31 December 2016