[bha]

Hi;
I am trying to reconcile this form in quicken, it consists of:

Assets:
Bank deposits = $ 1519
Short term invest. CD $ 25000
Total $ 26519

Liabilities Taxes payable $ 5823


Equity Total Equities $ 17075
Retained earnings $ 17075



Retained earnings
Net income $ 17075 (after taxes)
Total retained earnings $ 17075

and I am having trouble getting total Liab & Equity to = total assets.

[Criado]

We cannot comment on your question correctly unless we see the entire problem BUT based on what I can see in your balance sheet, it seems you misses the Capital Stock Account. Please check. :)

[morgaine300]

I am also curious why net income, retained earnings and total equities all are the same amount. As Criado said, there should be stock. But also, the only way net income would equal retained earnings is if this is a new company (hence a zero beginning balance) and no dividends paid. And you also can't list both. Net income closes to retained earnings and net income should not be on the balance sheet.

However... with an accounting program, if this is an interim statement (i.e. not year-end), it could list the current year net income and only have closed prior year's net income to retained earnings. But since they are the same number, it looks more like you're trying to list the current net income twice, once as net income and once as retained earnings.