[emw0315]

Hello, I'm doing a classified balance sheet and my total assets and total liabilties equal, can someone help me and show me what I'm doing wrong?

Assets
Current assets
Cash 15,200
Supplies 1900
Prepaid rent 1,400
Total current assets $18,500
Plant assets
Equipment 53,000
Less accum. Dep.-equipment (6,900) $46,100
Total plant assets $64,600

Liabilities
Current liabilities
acct. payable 4,300
Salary pay. 100
Unearn. Ser. rev. 4,900
Total current liabilities $9,300
Long-term liabilities
Notes pay (long-term) $6,000
Total liabilities $15,300
Stockholder equity
Common stock 15,100
Ret. Earn. 22,800
Total st. equity $37,900
Total liabilities & st. equity $53,200

I am short $11,400 and can't figure out where it is coming from.

[pready]

There could be many reasons your balance sheet will not balance.

First thing to do is check is if you have the correct account balances, then I would check the math in each account to determine if the balance is right or not.

Also I would look at each individual account and look at the transactions in the account to figure out if the transaction was debited or credited properly.

[emw0315]

Okay, I tried the suggestions and everything balances on the worksheet, but not on my classified balance sheet. Here is the information on the worksheet:

Account Debit Credit
Cash 15,200
Supplies 1,900
Prepaid rent 1,400
Equipment 53,000
Accum. Depreciation 6,900
Accounts payable 4,300
Salary payable 100
Unearn. Ser. rev. 4,900
Long-term note payable 6,000
Common stock 15,100
Ret. Earn. 22,800
Dividends 1,000
Service revenue 18,500
Salary expense 3,100
Rent expense 1,400
Dep. Expense 400
Supplies expense 300
Utilities expense 900

Total $78,600 $78,600

[emw0315]

Well that didn't turn out like I wanted it too, but:

Debits are:
Cash, supplies, prepaid rent, equipment, dividends, salary expense, rent expense, depreciation expense, supplies expense

Credits are:
Accumulated depreciation, accounts payable, salary payable, unearned service revenue, long-term note payable, common stock, retained earnings, service revenue

[pready]

From your other post you have a trial balance or an adjusted trial balance.

You are missing net income that will be added to retained earnings.

[emw0315]

Thank you, that was my missing $11,400.