nuttytwob
Sep 25, 2012, 03:36 PM
Please help cannot figure this out.
1. building $1,800,000 - asset
2.acct. payable $478,000 - liabilities
3. acct receivable $298,000 - asset
4. accrued salaries payable $59,000 - liabilities
5. accumulated depreciation -$80,000 - liabilities
6. cash $30,000 - asset
7. cost of goods sold $9,880,000 - liabilities
8. depreciation expense $30,000 - asset
9. dividends $0
10. Income tax expense $80,000 - liabilities
11.land $207,000 - asset
12. Long term debt $2,603,000 -liabilities
13. Merchandise inventory $545,000 - asset
14.paid in capital $120,000 - liabilities or equity confused
15. Research expense $878,000 - liabilities
16. Retained earnings 2010 $0 - asset
17. Retained earnings 2009 $9,000 - asset
18. Vehicles $171,000 - liabilities
19. Sales revenue $11,580,000 - asset
20. SG&A expenses $380,000 - liabilities
Cannot even this out on assets I got $4,499,000
Liabilities I got $14,108,000
I need help understanding how this works.
1. building $1,800,000 - asset
2.acct. payable $478,000 - liabilities
3. acct receivable $298,000 - asset
4. accrued salaries payable $59,000 - liabilities
5. accumulated depreciation -$80,000 - liabilities
6. cash $30,000 - asset
7. cost of goods sold $9,880,000 - liabilities
8. depreciation expense $30,000 - asset
9. dividends $0
10. Income tax expense $80,000 - liabilities
11.land $207,000 - asset
12. Long term debt $2,603,000 -liabilities
13. Merchandise inventory $545,000 - asset
14.paid in capital $120,000 - liabilities or equity confused
15. Research expense $878,000 - liabilities
16. Retained earnings 2010 $0 - asset
17. Retained earnings 2009 $9,000 - asset
18. Vehicles $171,000 - liabilities
19. Sales revenue $11,580,000 - asset
20. SG&A expenses $380,000 - liabilities
Cannot even this out on assets I got $4,499,000
Liabilities I got $14,108,000
I need help understanding how this works.