Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Balance sheet (https://www.askmehelpdesk.com/showthread.php?t=501402)

  • Aug 24, 2010, 10:59 AM
    jenaholic
    Balance sheet
    I need to prepare a balance sheet with the following information:
    Accounts payable 5,745
    Capital stock 694
    Cash 3793
    Cost of goods sold 27,165
    Income tax expense 752
    Inventories 4,028
    Investments 318
    Goodwill and other intangibles assets 1,000
    Other assets 945
    Other liabilities 1,624
    Other revenue (net) 130
    Property, plant, equipment 2,938
    Receivables 548
    Sales 35,934
    Selling, general expenses 6,770

    I need to know which items go under which categories (assets, liabilities, equity)... been stuck on this problem for two days
  • Aug 24, 2010, 11:45 AM
    pready

    Accpunts Payable - Liability
    Capital Stock - Equity
    Cash - Asset
    Cost of Goods Sold - Expense, transfers to equity
    Income Tax Expense - Expense, transfers to equity
    Inventory - Asset
    Investment - Asset
    Goodwill and other Intangibles - Asset
    Other Assets - Asset
    Other Liabilities -Liability
    Other Revenue - Revenue, transfers to Equity
    Property, Plant, Equipment - Asset
    Receivables - Asset
    Sales - Revenue, transfers to Equity
    Selling, General Administrative Expenses - Expense, transfers to Equity.

    Revenues less Expenses = net Income gets added to Retained Earnings, which is an Equity Account
  • Aug 24, 2010, 02:05 PM
    jenaholic

    Thanks. I tried this and I still can't get the sheet to balance.
  • Aug 24, 2010, 09:00 PM
    morgaine300

    Please show us your work. (If it's in a file such as Excel, go to the advanced, and then under file management to attach it.)

    You also need to learn what the kinds of accounts are, instead of just following someone else telling you where to put them - that won't teach you how to do it for yourself or understand new accounts as you get them. If you have questions on what the parts of the accounting equation are, please ask what you don't understand.

  • All times are GMT -7. The time now is 03:22 AM.