Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 21,000 Accounts payable 2,000 Salaries expense 28,000 Common stock 10,000 Land 13,000 Notes payable 15,000 Service revenue 34,000 Cash 5,000 Retained earnings? Required: Use only the appropriate accounts to prepare a balance sheet

Question

Glenn Brady

Business

10 May, 16:52

Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 21,000 Accounts payable 2,000 Salaries expense 28,000 Common stock 10,000 Land 13,000 Notes payable 15,000 Service revenue 34,000 Cash 5,000 Retained earnings? Required: Use only the appropriate accounts to prepare a balance sheet

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Answers (1)

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Yosef Ballard · Answer 1

The Retained Earnings of Wolfpack Construction as of the end of the year will be $12,000.

Explanation:

Wolfpack Construction

Balance Sheets

As of End of Year

Assets $

Current Assets:

Cash 5,000

Fixed Assets:

Land 13,000

Equipment 21,000

Total Assets 39,000

Liabilities and Stockholders' Equity

Current Liabilities:

Accounts payable 2,000

Long Term Liabilities:

Notes payable 15,000

Equity:

Common stock 10,000

Retained earnings 12,000

Total Liabilities and Stockholder's Equity 39,000