Express Detail, Inc. provides mobile car washing and detailing to its customers. The Income Statement for the month ended January 31, 2012, the Balance Sheet for December 31, 2011, and details of postings to the cash account in the general ledger for the month of January 2012 follow

The following additional information is also available:
1. $1,000 of the cash collected from customers in January 2012 was for gift certificates for detailing services to be performed in the future. As of January 31, 2012, $1,200 of gift certificates were still outstanding.
2. $3,500 of supplies were purchased on account.
3. Employees are paid monthly during the first week after the end of the pay period.

Requirement
Based on these statements, prepare the Balance Sheet for January 31,2012.

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Express Detail, Inc. Income Statement Month Ended January 31, 2012 Revenue: $29,400 Detailing revenue Gift certificates redeemed 600 30,000 Expenses: Salary expense Depreciation expensc-cquipment Supplies expense Advertising $12,000 6,000 4,000 Net income S 6,000 Express Detail, Inc. Balance Sheet December 31,2011 Assets Liabilities Cash Accounts receivable Supplies Equipment 1,300 Accounts payable 2,000 Salary payable 1,500 Unearned gift certificate revenue S 5,000 1,000 800 6,800 $30,000 Total liabilities Less: Accumulated Stockholders' Equity depreciation6,000) 24,000 Common stock 10,000 Retained carnings Total stockholders equity Total liabilities and 22,000 Total assets $28,800stockholders equity $28,800 Cash Bal 12/31/2011 1,300 Cash collections from customers Issuance of common stock 31,000 Salarics paid 12,500 500 5,000 5,500 1,500 8,000 Dividends paid Purchase of equipment Payments of accounts payable Advertising p Bal 1/31/2012