Wolfpack Construction has the following account balances at the end of the year. Equipment $25,500Accounts payable 2,900Salaries expense 32,500Common stock 10,000Land 17,500Notes payable 19,500Service revenue 38,500Cash 5,900Retained earnings ?Required:Prepare a balance sheet for Wolfpack Construction.

Total Assets$48,900

Total liabilities and stockholders' Equity$48,900

Explanation:

Preparation for the balance sheet pf Wolfpack Construction.

WOLFPACK CONSTRUCTION

Balance Sheet

December 31

ASSETSLIABILITIES

Cash$5,900Accounts payable$2,900

Land$17,500Notes payable$19,500

Equipment$25,500

Total Assets $48,900

($5,900+$17,500+25,500)

Total liabilities$22,400

($2,900+$19,500)

STOCKHOLDER'S EQUITY

Common stock$10,000

Retained earnings$16,500

Total stockholders' equity$26,500

Total Assets$48,900

Total liabilities and stockholders' Equity$48,900($22,400+$26,500)

Calculation for Retained earnings

Using this formula

Retained earnings= Total assets - Total liabilities - Common stock

Let plug in the formula

Retained earnings= $48,900-$22,400-$10,000

Retained earnings= $16,500

Therefore Total Assets will be $48,900 while

Total liabilities and stockholders' Equitywill be $48,900

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answer; whoever is willing and able to pay the price;