Requirement 1. Prepare the balance sheet for

Wilford Towing Service as of June 30, 2018.

Wilford Towing Service Statement of Retained Earnings Month Ended June 30, 2018 Retained Earnings, June 1, 2018 3,500 8,650 Net income for the month 12,150 (3,000) Dividends 9,150 Retained Earnings, June 30, 2018 19,050 Service Revenue 11,700 Equipment Office Supplies 800 Accounts Receivable 5,000 6,900 Accounts Payable 9,000 Notes Payable Rent Expense 450 Retained Earnings, June 1, 2018 3,500 2,200 Salaries Expense Cash 2,600 Dividends 3,000 Common Stock 2,000 Wilford Towing Service Income Statement Month Ended June 30, 2018 Revenues: 11,700 Service Revenue Expenses: Salaries Expense 2,600 450 Rent Expense 3,050 Total Expenses 8,650 Net Income