DO IT! 1.5 (LO 5) Presented below is selected information related to Kirby Company at December 31, 2020. Kirby reports financial information monthly.

Determine specific amounts on the financial statements.

Accounts Payable		$3,000		Salaries and Wages Expense		$16,500
Cash		6,500		Notes Payable		25,000
Advertising Expense		6,000		Rent Expense		10,500
Service Revenue		53,500		Accounts Receivable		13,500
Equipment		29,000		Owner's Drawings		7,500

a. Determine the total assets of Kirby Company at December 31, 2020.

b. Determine the net income that Kirby Company reported for December 2020.

c. Determine the owner's equity of Kirby Company at December 31, 2020.