[Ibanduke]

I have accumulated depreciation and depreciation expense. Do they go together on the Asset side of the balance sheet? My balance sheet is not balancing! The accumulated depreciation is subtracted from the assets on my balance sheet. If I add the depreciation expense to the assets, my balance sheet balances. :D What to do? I have attached a copy of the work...

[MLSNC]

Depreciation should show up as an expense in the income statement. I do not see any depreciation on the income statement. It should not be added back on the balance sheet. This will change your net income line on the balance sheet within the equity section, and hopefully you will be in balance.

[alice fuller]

I am having a problem with my adjusted trial balance and I think it's in the depreciation of office & computer equipment. For office equipment the value 10,000 with a four year life and on salvage value. 10000/4=2500, the equipment was bought 10/07, how would I figure this in monthly depreciation? What I am getting is 2500/12=208, would this be correct?:confused:

[alice fuller]

Where am I going wrong?

[anupchak]

I don't know if this will help now after such a long time. But, if you add a depreciation expense of $ 3000.00 into your income statement the following will happen:

total expense = $ 37,530

Net income

[anupchak]

I don't know if this will help now after such a long time. But, if you add a depreciation expense of $ 3000.00 into your income statement the following will happen:

total expense = $ 37,530

Net income = $ 28,890

Put this amount into the balance sheet under equity and the following will happen:

Total Owners Equity = $ 113,690

Hence, Total Liabilities and Owners Equity = $ 164,700 = Total Assets

Now your balance sheet balances..

Hope this helps...

Let me know if you have any other questions.

Regards,

ANUPAM

[bamcgee]

On the Income seet I have a depreciation expense of 1,850.00. The Revenue is 14,300. The total expenses are 7,050. Theredore if I'm correct the net income would be 7,250. On the Owner's equity sheet I hsve 137,400 in capital, - 2,000 in withdrawals. On the balance sheet I have ASSETS: cash 9,700, A/R 10,000, Prepaid rent 2,600, furn. fxtures 151,300,- accumulated depreciation (15,000). In LIABILITIES I have A/P 3,800, salary paid 3,000, unearned revenue service 6,700. I don't know what I'm doing wrong, but I'm not balancing on the Balance sheet. PLEASE HELP - I have to have this assignment turned in by 9:59 PST today

[bamcgee]

On the income sheet have a depreciation exp. Of 1,850.00 (on what sheet should that be listed and where -what column). Reveune is 14,300. Total expenses are 7,050. On the Owners Equity I have 137,400 in capital, -2000 in withdrawals. On the balance sheet in ASSETS: cash 9,700, A/R 10,000, Prepaid rent 2,600, furn. fixtures & equip. 151,300, -acumulated depreciation (15,000). LIABILITIES: A/P 3.800, salary paid 3,000, unearned revenue serv. 6,700. I cannot figure out how to balance. This assignment is due today at 9:59 PST. PLEASE PLEASE HELP!!

[morgaine300]

Everyone here is volunteers working around real lives. You cannot expect an answer in 15 minutes, or even necessarily the same day. We aren't hanging out here 24/7. If you have something last minute, you can always try, but your homework schedule is your responsibility.

Now that said, please also also start a new thread for your post instead of tagging onto someone else's. It doesn't even look to me like your problem is even the same one! How could someone know why you're off without seeing the original problem?

[Focus Josephat]

I have the problem in my financial statements, bulding accumulated depreciation is 3000$ and bulding value at 3000000$. Additional information bulding derpeciate 20% annual

[pready]

What is your question?