Transaction: Cactus borrowed $24,000 on February 1, 2017. The annual interest rate is 6%. The interest and loan must be repaid in full on January 31, 2018.

Income Statement Statement of Financial Position ASSETS Current assets: Total revenues Operating expenses Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total liabilities and shareholders' equity Ending balance