Construct a balance sheet and income statement for the business, assuming no income tax.

Twin brothers David and Douglas Finn started a small business from their college dormitory room. Finns’ Fridges purchased several small refrigerators to rent to other students for use in their rooms. At the end of their first year of operations, the brothers’ records showed the informationbelow.

Current assets (cash and accounts receivable) Interest payable Other current liabilities Property and equipment (net) Long-term liabilities Owners' equity Revenues Interest expense Amortization expense $2,000 200 800 4,000 3,200 1,800 2,000 200 1,000