bluedenim
Sep 21, 2007, 08:26 AM
OK the question is to present the accounts and balances in the form of the accoutnign equation
Assets=liabilies+shareholders Equity
I am assuming this means:
assetts=Liabilites+owners Equity-drawings+revenues-expenses
would this be correct?
if so I can not get it to balance.
I am assuming the following would be assets
accounts recievable
cash
dividends payable
gains on assets
Intangible assets
inventories
other assets
pre paid expenses
Liabilities would be:
accounts payable/accured expenses
long term debt
other liabilites
I am assuming revenue is:
sales revenues
I am assuming expenses are:
cost of goods and sold expenses
Depretiation/amortization expenses
income tax expenses
interest expenses
operating expenses
property/equiptment/plant
what am I doing wrong here?
Assets=liabilies+shareholders Equity
I am assuming this means:
assetts=Liabilites+owners Equity-drawings+revenues-expenses
would this be correct?
if so I can not get it to balance.
I am assuming the following would be assets
accounts recievable
cash
dividends payable
gains on assets
Intangible assets
inventories
other assets
pre paid expenses
Liabilities would be:
accounts payable/accured expenses
long term debt
other liabilites
I am assuming revenue is:
sales revenues
I am assuming expenses are:
cost of goods and sold expenses
Depretiation/amortization expenses
income tax expenses
interest expenses
operating expenses
property/equiptment/plant
what am I doing wrong here?