Question - Jim Smith had trouble finding a job, so he decided to start his own sole proprietorship by the name of Designers, Inc. Jim is a web site designer and here are the results as of the end of the first year of his business.
Accounts payable =$12,100
Cash=$19,150
Service revenue=$20,000
Contributed capital=$21,000
Wages expense=$4,100
Inventory=$4,445
Rent expense=$5,000
Equipment=$16,325
Supplies expense=$4,080
Retained earnings=$6,820
Prepare a balance sheet in its proper format with the heading left aligned.