Problem: Woods Construction has the following account balances at the end of the year.
Accounts Balances
Equipment $22,000
Accounts payable 2,200
Salaries expense 29,000
Common stock 12,000
Land 14,000
Notes payable 16,000
Service revenue 35,000
Cash 5,200
Retained earnings?
Required:
Use only the appropriate accounts to prepare the balance sheet.