Accounting balance sheet economics homework help

Other Information:

Inventory on hand at December 31, 2015 is $40,000 (Hint: this is ending inventory).
Administrative expenses include the following: Insurance expense, Repair Expense, Utilities expense, and Depreciation expense.
Selling expenses include the following: Advertising expense and Salaries expense.
$20,000 of the Notes Payable is payable next year (Hint: classified as current).

Instructions

Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts).