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Please assist with the development of a balance sheet & income statement based on the trial balance sheet below.

Please assist with the development of a balance sheet & income statement based on the trial balance sheet below. I keep running into issues where the total assets and total liabilities & equity are not matching:


As of 12/31/14

Accounts Payable CR - 3000

Accounts Receivable DB - 5000

Accrued Expenses CR - 15000

Accumulated Depr. Equipment CR - 5000

Building DB - 100000

Capital Stock CR - 250000

Cash DB - 50000

Cost of Goods Sold DB - 10000

Equipment DB - 50000

Income Tax Payable CR - 1000

Land DB - 50000

Long Term Debt CR - 75000

Long Term Investments DB - 100000

Marketing Expenses DB - 8000

Merchandise Inventory DB - 2500

PrePaid Expenses DB - 3000

Rent Expenses DB - 1500

Research & Development Expense DB - 2000

Retained Earnings CR - 18500

Salary Expenses DB - 5000

Sales CR - 25000

Sales Expenses DB - 5000

Travel Expenses DB - 500

Top Answer

INCOME STATEMENT Sales  25000 Cost of Goods Sold  10000 GROSS PROFIT 15000 Rent Expenses  1500 Salary Expenses  5000... View the full answer

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