[jenaholic]

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

[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

[jenaholic]

Thanks. I tried this and I still can't get the sheet to balance.

[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.