Response to the following questions:
1. An organization undertakes various activities in pursuit of business success. Identify an organization's three major business activities, and describe each activity.
2. The following is selected financial information for RWB Company as of December 31, 2011.
Liabilities . . . . . . . . $74,000
Equity . . . . . . . . $40,000
Assets . . . . . . . . $114,000
Required
Prepare the balance sheet for RWB Company as of December 31, 2011.