Woods Construction has the following account balances at the end of the year. Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Accounts Cash Required: Use only the appropriate accounts to prepare a balance sheet. Land Equipment Total assets Assets Balances $23,500 2,500 30,500 12,000 15,500 17,500 36,500 5,500 ? $ WOODS CONSTRUCTION Balance Sheet December 31 $ 5,500 Accounts payable Notes payable 15,500 23,500 44,500 Total liabilities Liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ $ 2,500 17,500 20,000 0 20,000

Woods Construction has the following account balances at the end of the year. Required: Use only the appropriate accounts to prepare a balance sheet