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Accountants/Accounting Majors.

How is someone supposed to know where the mistakes are based on an excel spreadsheet with a bunch of numbers in it?
 
Originally posted by: ChaoZ
No journal?
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This is practice for an exam tommorow where this is one question - they give you a list of the items and you have to sort it into the columns.

Klin, accounting students should have a general sense of where liabilites and assets go into.
 
Must be missing some info? Whats 'Owners Equity'? The same as stockholders equity? thats not a liability.

Is your text, Fundamentals of Financial Accounting by chance? My Prof for accounting this term was the author of this book.. great text, great prof.. difficult class.
 
weird spreadsheet you have here, I bet you typed the stuffs in it yourself. somethings are wrong.

the balance sheet is not balance, did you make that up yourself? get it balance first. insurance should be an asset.

for the income statement, you need to find out the net income, what's the tax rate? well, I always get screwed up by bad debts, so I am not going to do it.
 
Yea, I made it myself. I don't know where each column should be going.

This isn't for a business or anything, just practice. The reason why I posted it here is because the balance sheet doesn't balance and I don't know how to make it balance, so if you see blatant errors, please tell me.
 
all you have to remember is assets=liabilities + owner's equity...

it looks like you have owners' eq with the liabilities...and sales does not go on a balance sheet, nor do expenses....
 
Originally posted by: Son of a N00b
Originally posted by: DaWhim
the problem is he has to distinguish what go to where.
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did they give the account info in worksheet form or just a list?
Click to expand...

sound like just a list. no idea.

what level is this course anyways? thing like mortgage is tax deductible, also, without tax rate, can't do the net income.
 
Ok, I got it to open. Well, first of all. There is no way for anyone here to help you balance your assignment. You must have done the problem wrong somewhere.
Second, what exactly are you trying to do here, besides balance the Assets and Liabilities & Owner's Equity? Your format is all wrong. I take it you are trying to prepare a basic incone statement and balance sheet.

Balance Sheet:

Assets*


Liabilities

Owners Equity

Liabilities + Owners Equity*

*those two figures should match



Income Statement

Revenues


Expenses


Net Income* (Your net Income should be included in your owner's equity)


I dont have time to add all you numbers up, but check to see if your net income was income was included in your owners equity section. If thats not it, and you followed this format, you did the problem wrong. If you need more help, you can email me the problem.
 
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