Several years ago, your brother opened Niagara Appliance Repairs.

Niagara Appliance RepairsIncome StatementFor the Year Ended December 31, 2015Service revenue . .$112,500Less: Rent paid . . .. .$31,200Wages paid . . .. .24.750Miscellaneous payments . .9,100Supplies paid .7,000Utilities paid . . .6,500Insurance paid . . . ..3.600Total expenses . . . ..82.150Net income . . . . ..$ 30.350Niagara Appliance RepairsBalance SheetDecember 31, 2015AssetsCash . . .$ 15,900Amounts due from customers. . .18,750Truck ......55.350Total assets . . .$ 90,000EquitiesOwner's capital . . ..$ 90,000