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Anit [1.1K]
4 years ago
10

Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 21,000 Accounts p

ayable 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
Business
1 answer:
wolverine [178]4 years ago
3 0

Answer:

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      $

<em>Current Assets:</em>      

Cash      5,000  

<em>Fixed Assets:</em>      

Land      13,000  

Equipment      21,000  

<em>Total Assets      39,000  </em>

Liabilities and Stockholders’ Equity      

<em>Current Liabilities:</em>      

Accounts payable      2,000  

<em>Long Term Liabilities:</em>      

Notes payable      15,000  

<em>Equity:       </em>

Common stock      10,000  

Retained earnings      12,000  

<em>Total Liabilities and Stockholder's Equity      39,000  </em>

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