For this accounting exercise I am given the data of assets, liabilities, revenues and expenses for a companies year of business. The info follows as:
Land 5,000
Note payable 6,000
Accounts payable 15,000
Rent expense 25,000
Cash 10,000
Common stock 30,000
Furniture 12,000
Interest expense 8,000
Property tax expense 2,000
Accounts receivable 11,000
Advertising expense 17,000
Building 115,000
Salary expense 60,000
Salary payable 1,500
Service revenue 240,000
Supplies 2,500
Beginning retained earnings were $10,000, and dividends totaled 75,000 for the year.
I'm then asked to make the income statement, statement of retained earnings & balance sheet for the company. Whenever I get to the balance sheet, it doesn't balance and I can't figure out what I'm doing wrong. Can someone give me an example by showing me what the correct statements look like? (This is not the problem in the book, I changed the numbers so as to not be cheating or w/e)
2007-01-13
16:58:12
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1 answers
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asked by
Rush_Informer01
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