Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash $ 7,500 Dividends Accounts receivable Equipment Accounts payable Common stock 5,000 Services revenue 7,000 Rent expense 3,450 Wages expense 15,050 $ 2,000 13,500 2,500 8,000 QS 2-17 (Algo) Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending Retaine account balance as of December 31 is $1,000. Answer is not complete. LAWSON CONSULTING Balance Sheet . As of December 31 Assets: Cash $ 7,500 Liabilities: Accounts payable $ 3,450 Accounts receivable 5,000 Equipment 7,000 3,450 Equity: Common stock 15,050