what is balance sheet?

PROBLEM #2 Howard McGraw of Windsor opened First City Surveying Service. As his accountant, analyze the transactions listed and present to Howard the following information, in proper form: 1. The analysis of the transactions using the expanded accounting equation 2. A balance sheet showing the financial position of the firm before opening on May 1, 2013 3. An income statement for the month of May 4. A statement of owner's equity for May 5. A balance sheet as of May 31, 2013 2013 April 23 Howard invested $ 17,000 in the surveying business. 26 Bought equipment on account from Chapman & Co., $ 4,750. 29 Bought equipment for cash from Majestic Co., $ 2,895. 30 Paid $ 2,375 to Chapman & Co. as partial payment of the April 26 transaction. May 2 Surveyed a new business location and immediately collected cash, $ 2,350. 3 Paid salaries of employees, $ 975. 10 Provided surveying services to City Community College on account, $ 4,950. 13 Received from City Community College $ 2.500 cash as partial payment of the May 10 transaction. 14 Paid telephone bill, $ 104 17 Howard paid his home mortgage from the company's bank account, $ 1,043. 21 Provided surveying services and received cash, $ 1,825. 24 Bought additional equipment on account from Jensen Bros., $ 2,415. 27 Paid rent expense for the month, $ 825. 28 Paid supplies expense, $ 246. 31 Advertising bill received but not yet paid, $ 410