Question 5 ### Educational Content: Preparing a Balance Sheet#### Required Information**The following information applies to the questions displayed below.**Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December:- Cash: $25,430- Accounts receivable: $22,450- Office supplies: $5,340- Office equipment: $20,100- Land: $44,080- Accounts payable: $10,480- Common stock: $102,800- Dividends: $6,080- Consulting revenue: $27,080- Rent expense: $9,640- Salaries expense: $5,680- Telephone expense: $970- Miscellaneous expenses: $590**Hint: The ending Retained Earnings account balance as of December 31 is $4,120.**#### InstructionsUsing the above information, prepare a December 31 balance sheet for Help Today.#### HELP TODAY**Balance Sheet**| **Assets** | | **Liabilities** | ||----------------------|---------------|---------------------|---------------|| Cash | $25,430 | Accounts payable | $10,480 || Accounts receivable | $22,450 | | || Office supplies | $5,340 | **Stockholders' Equity** | || Office equipment | $20,100 | Common stock | $102,800 || Land | $44,080 | Retained earnings | $4,120 || | | | || **Total Assets** | $XX,XXX | **Total Liabilities and Stockholders' Equity** | $XX,XXX |Note: Ensure that **Total Assets = Total Liabilities and Stockholders' Equity**. ### Explanation- **Assets** are economic resources controlled by the company.- **Liabilities** are obligations the company owes to others.- **Stockholders' Equity** represents the owners' claims on the company.This balance sheet helps to provide a snapshot of the company's financial condition as of December 31.

Balance Sheet is the summary of All Assets and Liabilities and Shareholder's Equity. Its shows a…

Required information [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month of December. Cash Dividends $ 6,080 $ 25,430 22,450 Consulting revenue 27,080 Accounts receivable office supplies. 5,340 Rent expense 9,640 20,100 Salaries expense Office equipment Land 5,680 970 44,080 Telephone expense Accounts payable 590 10,480 Miscellaneous expenses 102,800 Common stock Use the above information to prepare a December 31 balance sheet for Help Today. Hint. The ending Retained Earnings account balance as of December 31 is $4,120. HELP TODAY Balance Sheet 0