The following are the balances of the assets, liabilities, and equity of Happy Tots Gym at March 31, 2012:

Requirements
1. What type of business organization is Happy Tots Gym?
2. Prepare the balance sheet of the business at March 31, 2012.
3. What does the balance sheetreport?

Transcribed Image Text:

Cash Retained Earnings18,900 Accounts Payable Accounts Receivable. 12,500 Suplies $24,000 Office Equipment $9,400 Common Stock.4,000 20,000 300 le.3,300 Note Payable