While your friend, the founder of XYZ consulting, is an extremely talented data scientist, she is terrible with accounting and at this point does not want to hire an external accountant or auditor. The founder friend believes that it is time to register her business, but is unsure if the filings will be strong enough to raise money from venture capitalists. Maybe she would be better off not registering the firm for another year which means no investor but also means little scrutiny. Below is her Trial Balance for the year can you help her create an Income Statement and Balance Sheet? (7.5 points each for the Income Statement and Balance Sheet).

XYZ Consulting
Trial Balance
December 31, 2016
Accounting Title	Debit	Credit
Cash	20000
Accounts Receivable	12000
Office Supplies	3000
Office Equipment	30000
Rent	24000
Salaries	72000
Supplies Used	3000
Utilities Expense	6000
Bank Loan		30000
Accounts Payable		15000
Common Stock		20000
Consulting Revenue		105000
	170000	170000