Can some one help me with Accounting?? I'm doing a balance sheet and i cant equal it out.. help?

Question

sooo this is kinda hard to put in here lol... umm
this is what I have...
Assets
Current Assets
Cash19,600.00
Accounts Receivable7,000.00
Supplies600.00
Prepaid Insurance450.00

Total Current Assets27,650.00

Equipment (net of
accumulated
depreciation of XXX)3,000.00
Other Assets5,100.00
Total Assets35,750.00

Liabilities and
Stockholders’ Equity
Current Liabilities
Accounts Payable2,500.00
Wages Payable1,100.00
Income Taxes Payable2,950.00
Total Current Liabilities 6,550.00

Note Payable (2 years;
12% interest due
each December 31)5,000.00
Total Liabilities11,550.00

Stockholders’ Equity
Contributed Capitol16,000.00
Retained Earnings10,300.00
Total Stockholders’ Equity16,300.00

Total Liabilities and
Stockholders Equity27,850.00

Here is the adjusted sheet....

AccountDebitCredit
Cash19,600
Account Recievable7,000
Supplies1,300
Prepaid Insurance900
Equipment27,000
Accumulated Depreciaion, equipment12,000
Other Assets5,100
Accounts Payable2,500
Wages Payable
Income taxes payable
Note Payable (2 years; 12% interest due each Decemeber 31)5,000
Contributed Capitol (4,000 shares outstanding)16,000
Retained Earnings10,300
Service Revenue48,000
Remaining Expenses (not detailed; excludes income tax)32,900
Income tax expense
Depreciation expense
supplies expense
Insurance expense
Wage Expense
Total93,80093800

If someone could IM me :
TigerSnw86
I can send you the 2 sheets and I'll pick you for best answer if you help me pleaseee

Answer 1

When I was taking my first accounting class, I learned very early on that most of my problems with balance sheets weren't with the balance sheets but with the calculations that went into them.

First, check for reversed or transposed numbers on there. You might get lucky.

Let's see... you're only off by $200, so there may be a $200 general journal entry someplace. I'd start there. It may be a combination of a couple of entries dealing with paying liabilities from asset accounts like cash and checking accounts.

I think I remember seeing a question on here a couple of nights ago about debiting and crediting liabilities... maybe that was your question?? If so, you need to look that over pretty carefully.

Hope this helps.

Answer 2

Hope this is right;I don't have any accounting ledger paper.

Your original figures are out because of error in Capital section.$16,000+ 10,300 does not equal 16300.
Assets(35,750) minus Payables of $11,550 minus Contributed Capt of $16,000=$8200(RE)

Adjusted balance sheet:
Current Assets went up $1150 to $28800;LT Assets went up $12000 to $20,100 , so total assets are now $48,900.

If Payables stayed the same ,then only Capital changed.
Since Equity & Total Liabilties must now equal same as total Assets($48,900),then $48,900-11,550=37,350-16,000=
$21,350(RE)
The increase of $13,150 in RE ($21,350-$8,200) is the same as the amount the assets went up(from $35,750 to $48.900)

I think this balances now,but maybe because it is so late &I don't understand or am missing some info,but how did Equipment go up so much and yet Cash didn't go down & Payables didn't go up?
Was this a change in classification of an expense to asset?
Maybe a shareholder contributed an asset (like a vehicle) to the business,but 'Contributed Capital' didn't change.


PS I did not understand the 93800938000.

Answer 3

Can i have some of your money?