Omar and Janet own a small jewelry-supply business called Rings and Things. From January through April, the company generated a fair amount of business. However, Janet and Omar’s owner equity is lower than they had expected, and they seem to be losing money every month, even though sales are steady. Below is April’s balance sheet for Rings and Things.AssetsCash (bills and coins) $35Bank checking account $1,997Materials (beads and wires) $40Finished jewelry $100Office supplies $50Furniture $100Total $2,322LiabilitiesBalance on loans $925Payroll $1,000(1 salesperson who works 20 hours/month)Total $1,925Assets – Liabilities = Owner Equity$2,322 total assets– $1,925 total liabilities= $407 owner equity1) Based on the balance sheet for April, offer two ways in which Janet and Omar can increase their owner equity.2) Review the liabilities section of the balance sheet for Rings and Things. What problem can you identify with the payroll information, particularly as it relates to how much the one employee gets paid? What solution would you offer Janet and Omar?