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HW Score: 0%, O of 10 pts E1-33 (similar to) Question Help ¢ The account balances and select financial statements of Williams Towing Service at June 30, 2018, follow (Click the icon to view the account balances.) (Cick the icon to view the statement of retained eamings for the month) (Click the icon to view the income statement for the month) ed Requirements 1. Prepare the balance sheet for Williams Towing Service as of June 30, 2018 or 2. What does the balance sheet report? Requirement 1. Prepare the balance sheet for Williams Towing Service as of June 30, 2018. (f a box is not used in the table leave the bax empty, do not select a label or enter a zero.) in 23 (5 in 32 (S Assets Liabilities Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Answer 1 part remaining Clear All Check Answer

Answer 1

a

Williams towing service
Balance sheet
As on June 30, 2018
Assets			Liabilities
Cash	$    1,700		Accounts payable	$ 12,000
Accounts receivable	$    7,000		Notes payable	$    5,500
Office supplies	$    1,100		Shareholder's equity
Equipment	$ 17,700		Common stock	$    1,000
			Retained earnings	$    9,000
	$ 27,500			$ 27,500

b

Balance sheet presents net position of entity as on June 30, 2018 in the given case. It shows total assets and source of financing for total assets. out of $27,500 total assets $10,000 financed by own funds and balance $17,500 by outsiders.