Prepare simple a simple Balance Sheet, and an Income Statement. Include current assets, and long-term assets on the left side, and current liabilities and long-term liabilities on the right side. Balance the two columns with Owner's Equity, whether earnings by a non-incorporated owner(s) and/or with common stock holders. Remember the two columns in the Balance Sheet must be equal.

On the Income Statement assume Revenues at the beginning of 2021 of 100,000, and Gross profit of 50,000 at the end of 2021. Net income should be positive, but remember to include COST OF DOING BUSINESS to figure out the Gross Profit, and Operating Income and taxes to come up with Net Income.

you can come up with any figures you want, but they have to follow the rules for Balance Sheet and Income Statements