Preparing financial statements and evaluating business performance [10-20 min]The account...

Preparing financial statements and evaluating business performance [10-20 min]

The account balances of Wilson Towing Service, Inc., at June 30, 2012, follow:

Requirements

1. Prepare the balance sheet of the business at June 30, 2012.

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2. What does the balance sheet report—financial position or operating results?

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3. Which financial statement reports the other accounts listed for the business?