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March 26, 2017

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Statement of Owner's Equity I've tried to get it to balnce with the amount of on my balance sheet of $54,500.00 but can not can you help


Cash… …… ……… … … … ………$21,500
Accounts Receivable………17,500
Office Supplies…… … ………500
Equipment…… …… … …… …15,000
Accounts Payable… …… ……9,750
Rya Page, Capital… …………28,200
Rya Page, Drawing………………5,000
Planning Fees Income………26,250
Office Supplies Expense……200
Rent Expense…… ……… … ………800
Salaries Expense…… … ………3,000
Utilities Expense………… ……700

  • Accounting - ,

    Try some of the Accounting Tutorials for information:

    http://search.yahoo.com/search?fr=mcafee&p=Accounting+Tutorials

    What I'm looking at does not make sense.

    Sra

  • Accounting - ,

    P.S. The assets less the liabilities = the Owner's Equity. I do not see clearly the assets?

    How about a clear Balance Sheet? Try especially the first link here:

    http://search.yahoo.com/search?fr=mcafee&p=how+to+do+a+Balance+Sheet

    Sra

  • Accounting - ,

    Sorry about that I have added Below are my balance sheet and income statement now the statment of owners equity is the beginig capital 28,2800 plus the net income 21,550 which is 49,750 less withdrawls 5,000 equals 44,750 which does not equal my assets. I cannot figure out what I am doing wrong.

    Balance Sheet

    Assets:
    Cash $21,500
    Accounts Receivable 17,500
    Office Supplies 500
    Equipment 15,000
    Total Assets 54,500

    Liabilities
    Accounts Payable 9,750
    Total Liabilities 9,750
    Owner's Equity
    Raya Page, Beg. Capital 28,200
    Raya Page, End. Capital 37,950

    Income Statement

    Planning Fees Income $26,250
    Total Income $26,250
    Less:
    Office Supplies Expenses $200
    Rent Expense 800
    Salaries Expense 3,000
    Utilities Expense 700
    Total Expenses (4,700)
    Net Income $21,550

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