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

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  

$2.00 for three shots.