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Note payable $41,000 rent expense 24,000 cash 3,600 office supplies 4,800 salary expense 60,000 salaries payable 2,000 property tax expense 1,200 office furniture $45,000 utilities expense 6,800 accounts payable 3,300 capital 27,100 service revenue 158,100 accounts receivable 9,000 supplies expense 4,000 *Can you please male a balance sheet for me - I tried and keep failing! Thank You!
It's no wonder you keep failing. The debits in your question don't equal the credits. Obviously nothing will work out right. Debits: office furniture $45,000 utilities expense 6,800 rent expense 24,000 cash 3,600 office supplies 4,800 salary expense 60,000 property tax expense 1,200 accounts receivable 9,000 supplies expense 4,000 Total debits $158,400 Credits Note payable $41,000 salaries payable 2,000 accounts payable 3,300 capital 27,100 service revenue 158,100 Total credits $231,500
To make a balance sheet, you need to categories each of the items as follows: 1) Current Assets 2) Long term Assets 3) Current Liabilities 4) Long Term Liabilities The item called "capital / 27,100" in your list is vague. If it's a tangible piece of capital such as equipment and machinery, then it's a long term asset. If it has to do with the funding of the business venture, then it belongs in the equity section. You'll get two different balance sheets depending. So there's no way to give a correct answer based on your info, but here's a balance sheet that assumess capital/27100 belonging in the equity section, because that figure would need to be known anyway to make a balance sheet. This should at least help get you thinking. Balance Sheet XYZ Corp PeriodEndDate Assets Current Assets 3600Cash 9000AR 4800Supplies 17400Total Current Assets Long Term Assets 45000Office Furniture 45,000Total Long Term Assets 62,400Total Assets Liabilities Current Liabilities 3,300AP 2000Salary Payable 5,300Total Current Liabilities Long Term Liabilities 41000Notes Payable 41000Total Long Term Liabilities 46,300 Total Liabilities Equity -11,000 Retained earnings 27,100 Capital Total Equity 16,100 The income statement for the present period can also be foremd and parlayed into the balance sheet, but you would still need to plug a retained earnings figure from the prior period, as this is obviously not a balance sheet for a company's very first period of operation.
I would suggest making T-Accounts to isolate all the transactions to the accounts taht they affect. In the above example, expense and revenue accounts do not hit the balance sheet. Also, I need to know if the company uses the cash or accrual basis. There are templates in Excel available onlin efrom Ozark and other sources. OPENING DAY BALANCE SHEET [Company Name] ASSETS Current Assets Cash in Bank $3,600 Inventory - Accounts Receivable 9,000 Prepaid Expenses - Furniture Office Supplies 4,800 Total Current Assets $17,400 Fixed Assets Machinery & Equipment $- Furniture & Fixtures 45,000 Leasehold Improvements - Real Estate / Buildings - Other - Total Fixed Assets $45,000 Other Assets Specify $- Specify - Total Other Assets $- Total Assets $62,400 LIABILITIES & NET WORTH Current Liabilities Accounts Payable $3,300 Taxes Payable - Notes Payable (due within 12 months) 41,000 Salaries Payable 2,000 Current Portion Long-term Debt - Other current liabilities (specify) - Total Current Liabilities $46,300 Long-term Liabilities Bank Loans Payable (greater than 12 months) $- Less: Short-term Portion - Notes Payable to Stockholders - Other long-term debt (specify) - Total Long-term Liabilities $- Total Liabilities $46,300 Owners' Equity (Net Worth) $16,100 9000 Total Liabilities & Net Worth $62,400 The template I used computed Owner's Capital/Equity of $16,100 when it should be $27,100 as you indicated. This tells me you are off by $9,000 "somewhere". Income Statement Revenue Note payable $41,000 $158,100.00 rent expense 24,000 cash 3,600 Expenses office supplies 4,800 $24,000.00 salary expense 60,000 $60,000.00 salaries payable 2,000 $1,200.00 property tax expense 1,200 $6,800.00 office furniture $45,000 $4,000.00 utilities expense 6,800 $96,000.00 accounts payable 3,300 capital 27,100 Net Income $62,100.00 service revenue 158,100 accounts receivable 9,000 supplies expense 4,000 *Can you please male a balance sheet for me - I tried and keep failing! Thank You!
are templates here, in Excel worksheets.