Wolfpack Construction has the following account balances at

Wolfpack Construction has the following account balances at the end of the year. Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Balances $18,000 1.400 25.000 11000 10,000 12.000 31.000 4,400 etained earnings Required: Use only the appropriate accounts to prepare a balance sheet. WOLFPACK CONSTRUCTION Balance Sheet Assets Liabilities Total liabilities Stockholders\' Equity Total stockholders equity Total assets Total liabilities and stockholders equity

Solution

Balance Sheet Assets Liabilities Cash 4400 Accounts payable 1400 Land 10000 Notes payable 12000 Equipment 18000 Total liabilities 13400 Stockholders\' Equity Common stock 11000 Retained earnings 8000 Total stockholders\' equity 19000 Total assets 32400 Total liabilities and stockholders\' equity 32400