Presented below are the balances of the assets and liabilities of Summerland Consulting Services as of September 30, 2017. Also included are the revenue and expense account balances of the business for September.

Required
1. What type of business entity or organization is Summerland Consulting Services? How can you tell?
2. Prepare the balance sheet of Summerland Consulting Services as of September 30, 2017.
3. What does the balance sheet report-financial position or operating results? Which financial statement reports the other information?

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Consulting Service Revenue$62,000 Computer Equipment$80,000 5,000 54),01n) 4,000 5,000 Accounts Receivable25,000 Supplies Accounts Payable. Salary Expense M. Hall, Capital!. 16,000 Note Payable 10,000 ent Expense... ash. ? Cash