Homework Help: Accounting

Posted by Christine on Saturday, October 8, 2011 at 6:02pm.

I have added Below my balance sheet and
income statement now the statement of owners equity is the beginning capital 28,2800 plus the net income 21,550 which is 49,750 less withdrawals 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

Accounting - SraJMcGin, Saturday, October 8, 2011 at 7:19pm
Something wrong here: "owners equity is the beginning capital 28,2800 plus the net income 21,550 which is 49,750" The figure 28,2800 is 28,280? (comma in the wrong place) If I add 28,280 plus 21,550 I get 49,830.

Sra
Accounting - SraJMcGin, Saturday, October 8, 2011 at 7:25pm
Something wrong here: "owners equity is the beginning capital 28,2800 plus the net income 21,550 which is 49,750" The figure 28,2800 is 28,280? (comma in the wrong place) If I add 28,280 plus 21,550 I get 49,830.

If, instead it's 28200 + 21550 = 49750. Now subtract 5000 from that = 54750. (not 44750)

Check the figures and then check the math.

Sra

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