Question

Question The account balances and select financial statements of Winfrey Towing Service at June 30, 2018, follow: (Click the icon to view the account balances.) (Click the icon to view the income statement for the month.) (Click the icon to view the statement of retained earnings for the month.) Requirements 1. Prepare the balance sheet for Winfrey Towing Service as of June 30, 2018. 2. What does the balance sheet report? Assets 9000 8500 Cash Accounts Receivable Office Supplies Equipment 17500 Liabilities 2400 Accounts Payable 8800 Notes Payable 700 Total Liabilities 24150 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 8000 3700 11700 Total Assets 29200 Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All Check Answer

Answer 1

WINFREY TOWING SERVICES
Balance Sheet
June 30,2018
Assets		Liabilities
Cash	2400	Account payable	9000
Account receivable	8800	Notes payable	8500
Office supplies	700	Total liabilities	17500
Equipment	24150	Stockholder's equity
		Common Stock	8000
		Retained earnings	10550
		Total Stockholder's equity	18550
Total assets	36050	Total liabilities and stockholder's equity	36050