Use the information in Problem 1-3A to prepare the current year-end balance sheet for Armani Company.

Data From Problem 1-3A

As of December 31 of the current year, Armani Company’s records show the following.

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Cash .. $10,000 Armani, Withdrawals $13,000 ...... Accounts receivable.. 9,000 Consulting revenue 33,000 Supplies.... 7,000 Rental revenue. 22,000 Equipment... 4,000 Salaries expense 20,000 Accounts payable. 11,000 Rent expense 12,000 .... Armani, Capital, Dec. 31, prior year 16,000 Selling and administrative expenses.. 8,000 ....... Armani, Capital, Dec. 31, current year 19,000 .......