Requirements:

• Create a balance sheet with the following account balances:
  • Cash: $20,000
  • Accounts Receivable: $8,000
  • Inventory: $15,000
  • Equipment: $25,000
  • Accumulated Depreciation: $7,000
  • Accounts Payable: $10,000
  • Notes Payable: $5,000
  • Common Stock: $20,000
  • Retained Earnings: $16,000