1. Ramsey Corporation reported the following accounts and balances in its financial statements: Cash $35000 Inventory $10200 Equipment $19500 Accounts Payable $16350 Contributed Capital $30000 Retained Earnings $18350 Arrange the accounts and balances into the accounting equating using the following equation and then answer the following questions. Assets=liabilities + owner s equity2. After six months of operations Right Way Lumber had the following revenues and expense balances:Supplies expense 11000Service revenue 62090Utilities expense 6200Rent expense 14700Wages expense 13 330.Prepare an income statement in its proper format ending on june 30 2009.3. Jim Smith had trouble finding a job so he decided to start his own sole proprietyship 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 businesssAccounty payabe $12100Cash 19150Service revenue 20000Contributed capital 21000Wage expense 4100Inventory 4445Rent expense 5000Equipment 16325Supplies 4080Retained earnings 68204. Utopia Dance Clubs Inc. rented an old warehouse for its newest club on October 1 2010. To receive a discount Utopia paid $ 11700 for 18 months of rent in advance. Assume no additional rent is paid in 2011 and 2012 and answer the following questions:a. How much rent expense will be recognized for the year ended December 31 2010b. What will be the balance in the prepaid rent account at December 31 2010?c. How much rent expense will be recognized for the year ended December 31 2011?d. What will be the balance in the prepaid rent account of December 31 2011?e. How much rent expense will be recognized for the year ended December 31 2012?f. What will be the balance in the prepaid rent account at December 312012?