Fort Worth Corporation began business in January 2017 as a commercial carpet-cleaning and drying service. Shares of stock were issued to the owners in exchange for cash. Equipment was purchased by making a down payment in cash and signing a note payable for the balance. Services are performed for local restaurants and office buildings on open account, and customers are given 15 days to pay their accounts. Rent for office and storage facilities are paid at the beginning of each month. Salaries and wages are paid at the end of the month. The following amounts are from the records of Fort Worth Corporation at the end of its first month of operations:

Required
1. Prepare an income statement for the month ended January 31, 2017.
2. Prepare a balance sheet at January 31, 2017.
3. What information would you need about Notes Payable to fully assess Fort Worth's long-term viability? Explain your answer.

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Accounts receivable Capital stock rest Cleaning revenue Dividends $24,750 $62,000 30,000 3,600 0,000 Notes payable 51,650 45,900 5,500 Salary and wage expense Rent expense Retained earnings