Chapters 1-2 Study Plan Question 4

School: Saint Leo University - Course: ACC 201 - Subject: Accounting

Equipment$19,100Service Revenue$13,00 0 Office Supplies1,200Accounts Receivable8,200 Notes Payable6,900Accounts Payable3,000 Rent Expense700Retained Earnings, June 1, 20243,900 Cash2,100Salaries Expense2,500 Dividends3,000Common Stock10,000 Wayans Towing Service Income Statement Month Ended June 30, 2024 Revenues: ServiceRevenue$13,00 0 Expenses: SalariesExpense$2,50 0 Rent Expense700 Total Expenses3,200 Net Income$9,800 The account balances and select financial statements of Wayans Towing Service at June 30, 2024, follow: Requirements 1.Prepare the balance sheet for Wayans Towing Service as of June 30, 2024. 2.What does the balance sheet report? Requirement 1.Prepare the balance sheet for Wayans Towing Service as of June 30, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)

Wayans Towing Service Balance Sheet June 30, 2024 AssetsLiabilities Cash$2,100 Accounts Payable$3,000 Accounts Receivable8,200 Notes Payable 6,900 Office Supplies1,200 Total Liabilities9,900 Equipment19,100Stockholders' Equity Retained Earnings10,700 Common Stock 10,000 Total Stockholders' Equity 20,700 Total Assets$30,600Total Liabilities and Stockholders' Equity $30,600 Part 2 Requirement 2.What does the balance sheet report?

The balance sheet reports on an entity's assets, liabilities, and stockholders' equity as of a specific date.