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For the life of me, I can't get my balance sheet to balance. Please tell me what I am missing. Thanks. Diamond Bobble In Style
For the life of me, I can't get my balance sheet to balance.
Please tell me what I am missing.
Thanks.
Diamond
Bobble In Style Income Statement For Year Ended 20XX Gross Sales Coupons & Discounts Net Sales COGS Gross Profit SG&A Expenses: Advertising Fees Phone/Internet Utilities Office Supplies Shipping Depreciation Bank fees $ $ $ $ $ 33,291.00 549.00 32,742.00 10,276.00 22,466.00 $ 2,000.00 $ 1,200.00 $ 900.00 $ 785.00 $ 1,380.00 $ 800.00 $ 120.00 $ 7,185.00 EBIT Interest Expense $ 15,281.00 $ 345.00 EBT Income tax (26%) $ 14,936.00 $ 3,883.36 Net Income $ 11,052.64 Bobble In Style Statement of Cash Flow For Year Ended 20XX Cash Flow from Operating Activities Beginning Cash: Net Income Depreciation Accounts Receivable Accounts Payable Inventory Gain from Disposal $ 21,120.00 $ 11,052.64 $ 800.00 $ (496.00) $ 200.00 $ (10,507.00) $ (1,400.00) $ (350.36) $ 3,000.00 $ (1,600.00) $ 1,400.00 Cash Flow from Investing Activities Proceeds from Inv Disposal Capital Expenditure Cash Flow from Financing Activities Repayment on bank loan $ (5,000.00) $ (5,000.00) Net increase/decrease in Cash $ (3,950.36) Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ 21,120.00 $ 17,169.64 Bobble In Style Balance Sheet For Year Ended 20XX Assets Cash Accounts Receiable Inventory Liabilities $ $ $ 17,169.64 496.00 10,507.00 Accounts Payable Bank Loan $ $ 1,800.00 5,000.00 Retained Earnings $ 11,052.64 Total Liabilities and Stockholder's Equity $ 17,852.64 Stockholder's Equity Capital Expenditure Accum Depreciation Total Assets $ $ $ 1,600.00 (1,000.00) 28,772.64 variance $ 10,920.00Step by Step Solution
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