Answer:
The Retained Earnings of Wolfpack Construction as of the end of the year will be $12,000.
Explanation:
Wolfpack Construction
Balance Sheets
As of End of Year
Assets $
Current Assets:
Cash 5,000
Fixed Assets:
Land 13,000
Equipment 21,000
Total Assets 39,000
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable 2,000
Long Term Liabilities:
Notes payable 15,000
Equity:
Common stock 10,000
Retained earnings 12,000
Total Liabilities and Stockholder's Equity 39,000
