Homework Answers
Retained Earnings = $ 16,000
Calculation of Retained Earnings ;
Asset = Liabilities + Equity
Equipment + Land + Cash = ( Accounts Payable + Note Payable ) + (Common Stock + Retained Earnings )
$26,000 + $ 18,000 + $ 6,000=($3,000 + $20,000) + ($11,000 + Retained Earnings)
$50,000 = $34,000+ Retained Earnings
$50,000 - $ 34,000 = Retained Earnings
$ 16,000 = Retained Earnings
### Wolfpack Construction Balance Sheet December 31
| Asset | Amount | Liability | Amount |
| Cash | $6,000 | Accounts Payable | $3,000 |
| Equipment | $26,000 | Note Payable | $20,000 |
| Land | $18,000 | Total Liabilities | $23,000 |
| Stockholders Equity | |||
| Common Stock | $11,000 | ||
| Retained Earnings | $16,000 | ||
| Total Stockholders Equity | $27,000 | ||
| Total Asset | $50,000 | Total Liabilities and Stockholders Equity | $50,000 |
Salary Expense and Service Revenue are Income Statement items.
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