[trustluv76]

Using this trial balance, I attempted to create a balance sheet but I am unable to get it to balance. I'm really frustrated ans would appreciate assistance thank you.


Debit Credit
Accounts payable $78,000
Accounts receivable $36,500
Cash $16,700
Common stock $10,000
Depreciation expense $24,350
Cost of goods sold $317,000
Equipment (net of depreciation) $395,000
Insurance $1,400
Inventory $34,000
Long-term debt $127,000
Marketing $4,500
Paid-in capital $50,000
Property taxes $16,900
Rent $28,000
Retained earnings ?
Revenues $586,000
Salaries $78,500
Utilities $6,700

Total $959,550 $851,000


What I am getting:

Current Assets
Cash 16,700
Accounts receivable 36,500
Inventory 34,000
Prepaid expenses 8,100
Short-term investments 4,500
Total current assets 99,800
Fixed (Long-Term) Assets
Long-term investments
Property, plant, and equipment 395,000
(Less accumulated depreciation) (24,350)
Intangible assets
Total fixed assets 370,650

Total Assets 470,450

Liabilities and Owner's Equity
Current Liabilities
Accounts payable 78,000
Short-term loans 28,000
Income taxes payable 16,900
Accrued salaries and wages 78,500
Unearned revenue
Total current liabilities 201,400
Long-Term Liabilities
Long-term debt 127,000
Other
Total long-term liabilities 127,000
Owner's Equity
Owner's investment 50,000
Retained earnings 108,550
Other 10,000
Total owner's equity 168,550

Total Liabilities and Owner's Equity 496,950

Please HELP I don't know what I did wrong ;S

[trustluv76]

I got the retained earnings amount of $108,550 from the income statement which was the net income before taxes

[pready]

Based on what you have provided, your first section which I assume is your Trial Balance does not balance so you are either missing accounts, your numbers are off, or your balances could be listed incorrectly as a debit or credit.

Your next section which I assume is your Balance Sheet has accounts that are not listed on your Trial Balance.

It is best to do a Work Sheet and transfer your accounts and balances from your Adjusted Trial Balance to your Balance Sheet and Income Statement accounts.

I have attached a sample Worksheet to see how it looks, which will help you in doing your balance sheet.