Question: Use the following data to create a balance sheet and an income statement, placing each item in the proper category (ex. Assets, Liabilities, Income, Expense),

Use the following data to create a balance sheet and an income statement, placing each item in the proper category (ex. Assets, Liabilities, Income, Expense), then calculate the Net Worth and the Net Income.

Electricity expense $200

Cash $1,000

Revenue $2,000

Credit Card balance $1,000

Inventory $1,000

Rent expense $500

Automobile value $7,000

Equipment $5,000

Insurance Expense $100

Automobile Loan $4,000

Salary Expense $500

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