6/15/2014 Accounting help: Balance sheet, statement of owner' s equity, income statement?

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Accounting help: Balance sheet,
statement of owner's equity, income
statement?
I'm trying to do my accounting homework and keep getting stuck on
this problem. I finished it but my balance sheet didn't balance out on
both sides so i feel like I did the entire problem wrong... here's the
info given:
Accounts Payable $ 47,200
Accounts Receivable 64,300
Accumulated Depreciation - Office Equipment 22,750
Accumulated Depreciation - Store Equipment 62,100
Administrative Expenses 75,500
Al Russell, Capital 141,750
Cash 39,700
Cost of Merchandise Sold 545,000
Al Russell, Drawing 42,000
Interest Expense 9,000
Merchandise Inventory 93,250
Note Payable, Due 2006 50,000
Office Equipment 49,750
Prepaid Insurance 6,500
Rent Revenue 7,500
Salaries Payable 3,700
Sales (net) 820,500
Selling Expenses 101,500
Store Equipment 125,000
Supplies 4,000
My answer:
Income Statement
Revenues:
Rent 7,750
Net sales 820,500
Total Revenue $828,250
Expenses:
Administrative $75,500
Cost of goods sold 545,000
Interest 9,000
Selling expense 101,500
Office Depr. 22,750
Store Equip. Depr. 62,100
Total expenses $815,850
Net income $12,400
Statement of owner's equity:
Joe Smith, capital $141,750
Investments:
Merchandise Inventory 93,250
Office equipment 49,750
Store equipment 125,000
Supplies 4,000
Net income for 2005 $12,400
426,150
Joe Smith, drawing -$42,000
Joe Smith, capital, Dec. 31, 2005 $384,150
Balance Sheet:
Assets Liabilities and Stockholder's Equity
Accounts receivable $64,300 Accounts payable $47,200
Supplies 4,000 Notes payable 50,000
Cash 39,700 Salaries payable 3,700
Office Equipment 49,750 Retained earnings 12,400
Less: Accumulated Depreciation ($22,750)
Total office equipment 27,000 Owner's Equity
Store Equipment 125,000 Joe Smith, capital 141,750
Less: Accumulated Depreciation ($62,100) Less: Joe Smith, drawing
-42,000
Total store equipment 62,900 Total Owners Equity 99,750
Merchandise inventory 93,250
Total liabilities and
Total assets $291,150 stockholder's equity $213,050
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6/15/2014 Accounting help: Balance sheet, statement of owner' s equity, income statement?
https://in.answers.yahoo.com/question/index?qid=20120711102627AA6EJkd 2/2
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I feel like I did it right but if anyone has any corrections PLEAAASE
help me out. Thanks!!
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Best Answer
LD answered 2 years ago
few quick things, Accumulated depreciation is a Contra Asset. You have
it as a negative asset that grows over time on the balance sheet but you
only see one year of depreciation on the income statement. I don't see a
single year's depreciation so that might be throwing you off.
Also your Rent income in the information is 7,500 and in the 7750 in the
income statement.
that investments section on the owner's equity statement, No. those are
assets. you can't have them listed in two places, it's double counting.
I can't get this to balance so i think iIm missing some information.
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