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Homework Help: Accounting

Posted by Christine on Saturday, October 8, 2011 at 3:46pm.

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 - SraJMcGin, Saturday, October 8, 2011 at 3:51pm

  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 - SraJMcGin, Saturday, October 8, 2011 at 3:57pm

  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 - Christine, Saturday, October 8, 2011 at 5:58pm

  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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