6/15/2014 Accounting help: Balance sheet, statement of owner's equity, income statement?

https://in.answers.yahoo.com/question/index?qid=20120711102627AA6EJkd 1/2

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Accounting help: Balance sheet,statement of owner's equity, incomestatement? I'm trying to do my accounting homework and keep getting stuck onthis problem. I finished it but my balance sheet didn't balance out onboth sides so i feel like I did the entire problem wrong... here's theinfo given:

Accounts Payable $ 47,200 Accounts Receivable 64,300 Accumulated Depreciation - Office Equipment 22,750 Accumulated Depreciation - Store Equipment 62,100 Administrative Expenses 75,500 Al Russell, Capital 141,750 Cash 39,700 Cost of Merchandise Sold 545,000 Al Russell, Drawing 42,000 Interest Expense 9,000 Merchandise Inventory 93,250 Note Payable, Due 2006 50,000 Office Equipment 49,750 Prepaid Insurance 6,500 Rent Revenue 7,500 Salaries Payable 3,700 Sales (net) 820,500 Selling Expenses 101,500 Store Equipment 125,000 Supplies 4,000

My answer: Income Statement

Revenues: Rent 7,750 Net sales 820,500 Total Revenue $828,250 Expenses: Administrative $75,500 Cost of goods sold 545,000 Interest 9,000 Selling expense 101,500 Office Depr. 22,750 Store Equip. Depr. 62,100

Total expenses $815,850 Net income $12,400

Statement of owner's equity:

Joe Smith, capital $141,750 Investments: Merchandise Inventory 93,250 Office equipment 49,750 Store equipment 125,000 Supplies 4,000 Net income for 2005 $12,400 426,150 Joe Smith, drawing -$42,000 Joe Smith, capital, Dec. 31, 2005 $384,150

Balance Sheet:

Assets Liabilities and Stockholder's Equity Accounts receivable $64,300 Accounts payable $47,200 Supplies 4,000 Notes payable 50,000 Cash 39,700 Salaries payable 3,700 Office Equipment 49,750 Retained earnings 12,400 Less: Accumulated Depreciation ($22,750) Total office equipment 27,000 Owner's Equity Store Equipment 125,000 Joe Smith, capital 141,750 Less: Accumulated Depreciation ($62,100) Less: Joe Smith, drawing-42,000 Total store equipment 62,900 Total Owners Equity 99,750 Merchandise inventory 93,250 Total liabilities and Total assets $291,150 stockholder's equity $213,050

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6/15/2014 Accounting help: Balance sheet, statement of owner's equity, income statement?

https://in.answers.yahoo.com/question/index?qid=20120711102627AA6EJkd 2/2

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I feel like I did it right but if anyone has any corrections PLEAAASEhelp me out. Thanks!!

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Best Answer

LD answered 2 years ago

few quick things, Accumulated depreciation is a Contra Asset. You haveit as a negative asset that grows over time on the balance sheet but youonly see one year of depreciation on the income statement. I don't see asingle year's depreciation so that might be throwing you off.

Also your Rent income in the information is 7,500 and in the 7750 in theincome statement.

that investments section on the owner's equity statement, No. those areassets. you can't have them listed in two places, it's double counting.

I can't get this to balance so i think iIm missing some information.

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