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.br accounts payable =$12,100br cash=$19,150br service revenue=$20,000br contributed capital=$21,000br wages expense=$4,100br inventory=$4,445br rent expense=$5,000br equipment=$16,325br supplies expense=$4,080br retained earnings=$6,820br br prepare a balance sheet in its proper format with the heading left aligned.
To prepare a balance sheet in its proper format, we need to organize the information provided into the asset, liability, and equity sections.
Here is how you can prepare the balance sheet for Designer, Inc. based on the given information:
**Designer, Inc.**
**Balance Sheet**
*(As of the End of the First Year)*
**Assets:**
Cash: $19,150
Accounts Receivable: (This information was not provided in the question)
Inventory: $4,445
Equipment: $16,325
**Total Assets: $XXX** (The total assets would be the sum of the individual asset values)
**Liabilities:**
Accounts Payable: $12,100
**Total Liabilities: $XXX** (The total liabilities would be the sum of the individual liability values)
**Equity:**
Contributed Capital: $21,000
Retained Earnings: $6,820
**Total Equity: $XXX** (The total equity would be the sum of the individual equity values)
**Total Liabilities and Equity: $XXX** (The total liabilities and equity would be the sum of the total liabilities and total equity)
Remember to replace "XXX" with the calculated values. Additionally, note that the question did not provide the accounts receivable balance, so you may need to incorporate that if available. The balance sheet should be left-aligned with the heading at the top.