The account balances of Wilson Towing Service, Inc., at June 30, 2012, follow: Requirements 1. Prepare the

Question:

The account balances of Wilson Towing Service, Inc., at June 30, 2012, follow:

$13,600 Service revenue 900 Accounts reccivable 6,900 Accounts payable 550 Common stock 2,900 Salary expense $11,200 Equ

Requirements
1. Prepare the balance sheet of the business at June 30, 2012.
2. What does the balance sheet report€”financial position or operating results?
3. Which financial statement reports the other accounts listed for thebusiness?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...