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wildbird 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.
wildbird 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.
Abalance sheetis a financial statement that reports a company's assets, liabilities, and equity at a specific point in time.Thebalance sheetis divided into two sections: assets on one side and liabilities and equity on the other side. The assets section lists the company's resources, while the liabilities and equity section lists the company's obligations and the residual interest in the assets of the entity.To prepare a balance sheet, we'll use the account balances provided:Assets:Equipment: $21,000Land: $13,000Cash: $5,000Liabilities:Accounts payable: $2,000Notes payable: $15,000Equity:Common stock: $10,000Retained earnings: $?The total assets should equal the total liabilities plus equity, so we'll check that:$21,000 + $13,000 + $5,000 = $2,000 + $15,000 + $10,000 + $?To find the retained earnings, we'll subtract the liabilities and equity from the assets:$39,000 = $2,000 + $15,000 + $10,000 + $?$12,000 = $?So the retained earnings is $12,000So the balance sheet will look like this:Assets:Equipment: $21,000Land: $13,000Cash: $5,000Total Assets: $39,000Liabilities:Accounts payable: $2,000Notes payable: $15,000Total Liabilities: $17,000Equity:Common stock: $10,000Retained earnings: $12,000Total Equity: $22,000Total Liabilities and Equity: $39,000Know more about how to createBalance Sheets-brainly.com/question/14093458#SPJ4...