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vnalezny
Jan 20, 2006, 02:44 PM
I have to make a classified balance sheet for my homework assignment. I can get the current assets to equal $3,415, which is the correct total, but I can't get the total liabilities and stockholders equity to equal that.
I don't know if Im not adding something into that section or what.
Here's our list, can you please help?

Accounts payable $420
Accounts receivable 130
Accumulated depreciation 240
Capital stock 600
Cash 410
Cost of goods sold 1200
Depreciation expense 40
Dividends 260
Income tax expense 315
Income taxes payable 80
Interest expense 120
Inventory 880
Long-term debt 750
Prepaid expenses 20
Property and equip. at cost 2215
Retained earnings 1100
Sales revenue 2500
Unearned revenue 140
Utilities expenses 60
Salaries and wage expense 180

Thanks,
vnalezny

CaptainForest
Jan 20, 2006, 08:43 PM
BALANCE SHEET

Current Assets:
Cash 410
Accounts receivable 130
Prepaid expenses 20
Inventory 880
TOTAL CURRENT ASSETS 1,440

Fixed Assets:
Property and equip. at cost 2215
Less: accumulated depreciation (240)
Total Fixed Assets 1,975

Total Assets 3,415


Current Liabilities:
Accounts payable $420
Income taxes payable 80
Unearned revenue 140

Long term Liabilities:
Long-term debt 750

TOTAL LIABILITIES 1,390

Shareholder's Equity
Capital stock 600
New retained earnings is 1,425

TOTAL Shareholder's EQUITY 2,025

Total Liabilities + Shareholders Equity 3,415



Income Statement:
Sales revenue 2500
LESS: cost of goods sold 1200
Gross profit 1300

LESS:
Depreciation expense 40
Income tax expense 315
Interest expense 120
Utilities expenses 60
Salaries and wage expense 180

Net Income 585





Retained earnings 1100
Less dividends 260
Add net income 585
New retained earnings is 1,425