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I am preparing the four financial statements for my intermediate accounting class(balance sheet, income statement, statement of shareholder's equity,...

I am preparing the four financial statements for my intermediate accounting class(balance sheet, income statement, statement of shareholder's equity, cash flows statement). I am on the balance sheet and cannot get assets=liabilities+equity. I copy and pasted my adjusted trial balance and what I have so far on the balance sheet. What am I doing wrong?


The Flower Shoppe

Adjusted Trial Balance

31-Dec-08

Debit

Credit

Cash

$22,750

Accounts Receivable

3,200

Inventory

8,000

Land

27,000

Building

56,000

Accumlated Depreciation

16,800

Accounts Payable

4,600

Accured Expenses

2,500

Common Stock

20,000

Additional Paid-in-Capital

10,000

Dividends

1,200

Retained Earnings

53,405

Sales

112,020

Returns

1,300

Purchases

47,000

Salaries

38,000

Supplies

870

Utilities

5,225

Telephone

2,850

Bank Charges

330

Depreciation Expense

5,600

 

$219,325

219,325









The Flower Shoppe

Balance Sheet

31-Dec-08

Assets

Cash

22,750

Accounts Receivable

3,200

Inventory

8,000

Purchases

47,000

Supplies

870

Property, Plant, and Equipment

Land

27,000

Building

56,000

Less Accumulated Depreciation

-16,800

66,200

Total Assets

148,020

Liabilities

Accounts Payable

4,600

Accrued Expenses

2,500

Total Liabilites

7,100

Equity

Common Stock

20,000

Additional Paid-in-Capital

10,000

Retained Earnings

53,405

Total Equity

83,405

Total Liabilites and Equity

90,505

Top Answer

Net Profit = $10,845 Total... View the full answer

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1 comment
  • Since, it is not mentioned accumulated depreciation is for which asset. So, instead of showing as a deduction in Fixed Asset value, it has been shown on Liabilities side. If you the asset for which it was created then deduct the it from the fixed asset value on Asset side.
    • pmathur1
    • May 06, 2018 at 5:11pm

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