Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I have having some trouble with the balance sheet. The assets are not balancing with the liabilitys and equity. Exam 3 Problem - 50 Points
I have having some trouble with the balance sheet. The assets are not balancing with the liabilitys and equity. Exam 3 Problem - 50 Points Total Prepare a Multiple Step Income Statement Statement of Owners Equity Balance Sheet Finnegan Furniture Adjusted Trial Balance 8/31/2015 Debits Credits Cash $ $ $ $ 7,000 13,000 60,000 1,500 45,600 16,600 9,000 2,000 20,000 59,000 Equity, statement 40.E. BS. 10,000 $ 343,250 Accounts Receivable . Merchandise Inventory. Store Supplies Equipment Accumulated depreciation - Equipment - Conerose Accounts Payable - Ucility Salaries Payable Common Stock Regained Earnings o n Dividends Sales -Rev. Sales Discounts Sales Returns and Allowances W. Cost of Goods Sold Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Sales Salaries Expense Office Salaries Expense Insurance Expense Rent Expense (70% Store and 30% Office) Store Supplies Expense Advertising Expense Totals Inemic Statens 5,000 6,000 159,900 4,100 1,600 30,000 34,000 11,000 24,000 5,750 31,400 449,850 449,850
I have having some trouble with the balance sheet.
The assets are not balancing with the liabilitys and equity.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started