Ask Experts Questions for FREE Help !
Ask
    sharon1977's Avatar
    sharon1977 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 6, 2010, 05:21 AM
    Need help with accounting homework
    I cannot balance my balance sheet
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Jun 7, 2010, 08:18 AM

    You need to check your account balances for incorrect postings. Assets have a normal Debit Balance, Liabilities and OE have a normal credit balance. Did you incorrectly list a debit or credit account balance. Did you transpose a number somewhere. Did you miss part of journal entry like forgot to debit or credit an account.

    I would use a worksheet starting with a trial balance or adjusted trial balance and if it balances, then you can balance your income statement and Balance sheet. You will need to add debit or credit amount to your income statement to get your debits and credits to balance, then this amount you added will be added to balance sheet as the opposite to your retained earnings. For example if your income statement needs to have a debit amount added to get it to balance, then you will have to credit the same amount to your balance sheet so that your debits and credits will balance.
    Without knowing your accounts and transactions, as well as what you have done I cannot tell you why your balance sheet does not balance.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Homework Accounting [ 2 Answers ]

ArvinMeritor, Inc. discovered that incorrect factory overhead cost allocations had "overcosted" some of its products by roughly 20%. As a result, these products were over-priced and began losing market share. Would you recommend the usage of activity based costing (ABC) as a superior method of...

Accounting homework [ 3 Answers ]

O'Henry's Data Services Unadjusted Trial Balance November 30, 20XX Cash $9,700 Accounts receivable 7,900 Prepaid expenses 2,600 Furniture, fixtures, & equipment 151,300 Accumulated depreciation $15,600 Accounts payable 3,800 Salary payable Unearned service revenue 6,700 Benjamin...

Accounting homework [ 1 Answers ]

Federal unemployment tax .8 percent (.008) on the first $7,000 for each employee

Accounting Homework Help [ 1 Answers ]

I need help with the these three problems. They are the only three I don't understand from my homework. :confused: 1) During June, ABC Corporation produced 12,000 units and sold them for $20 per unit. Total fixed costs for the period were $154,000, and the operating profit was $26,000. The...

Accounting homework [ 1 Answers ]

I need help... If a woman is running a part-time business out of her house and she decides that she wants this to be full time business out of a rented building. Her assets equal out to $30,000, cash 13,100, accounts receivable 3,000, supplies, 1,400, and office equipment is 12,500. So when you...


View more questions Search