AccountsBalancesEquipment$16,000Accounts payable1,000Salaries expense23,00012,000Common stockLand8,000Notes payable10,00029,000Service revenueCash4,000Retained earnings2Required:Use only the appropriate accounts to prepare a balance sheet.WOLFPACK CONSTRUCTIONBalance SheetDecember 31AssetsAccounts payableNotes payableTotal assets-$0LiabilitiesTotal liabilitiesStockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equity$

Balance sheet: The balance sheet depicts a company's financial position by recording all of its…

Accounts Balances Equipment $16,000 Accounts payable 1,000 23,000 Salaries expense Common stock Land 12,000 8,000 Notes payable 10,000 29,000 Service revenue Cash 4,000 Retained earnings ? Required: Use only the appropriate accounts to prepare a balance sheet.

Accounts Balances Equipment $16,000 Accounts payable 1,000 23,000 Salaries expense Common stock Land 12,000 8,000 Notes payable 10,000 29,000 Service revenue Cash 4,000 Retained earnings ? Required: Use only the appropriate accounts to prepare a balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Accounts
Balances
Equipment
$16,000
Accounts payable
1,000
Salaries expense
23,000
12,000
Common stock
Land
8,000
Notes payable
10,000
29,000
Service revenue
Cash
4,000
Retained earnings
2
Required:
Use only the appropriate accounts to prepare a balance sheet.
WOLFPACK CONSTRUCTION
Balance Sheet
December 31
Assets
Accounts payable
Notes payable
Total assets
-$
0
Liabilities
Total liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
$

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