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  • Jan 20, 2006, 02:44 PM
    vnalezny
    Accounting Question
    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
  • Jan 20, 2006, 08:43 PM
    CaptainForest
    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

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