Canada Practice balance sheet with account balances provided not balancing!

[youCanAccountOnMe]

Hey there.

I am working on a practice question where I am asked to prepare a balance sheet for a company, given a list of account balances (pictured below).

As you can see, I filled out the balance sheet and it is not in balance! All the text fields are drop-downs, so I know the format of the report is correct. I just can't figure out what is causing the $24,600 discrepancy. Usually we just change the R/E to make it balance, but that value is provided here so that is not an option.

Am I allowed to just change the Total shareholder's equity to balance the report, or have I made a mistake elsewhere?

 

[Drmdcpa]

You have not completed the problem. There is a lot of information you have not used.

 

[youCanAccountOnMe]

You have not completed the problem. There is a lot of information you have not used.

There is a fixed number of drop-downs which I have completely filled. My understanding is that things like expenses and revenues do not appear on the balance sheet. What other accounts should be on the balance sheet that there is not room for?

 

[Drmdcpa]

What is the primary financial statement?

 

[youCanAccountOnMe]

What is the primary financial statement?

Not sure what you mean by that. The list of account balances was the only information I was given to go off of.

 

[Drmdcpa]

How many financial statements are there? What are they?

 

[youCanAccountOnMe]

How many financial statements are there? What are they?

Why does that matter? Are you seriously just asking me random accounting questions?

If I answer, will you actually answer some of my questions???

In order of preparation:

• Income statement
• Statement of retained earnings
• Balance sheet
• Statement of cash flows

 

[Drmdcpa]

You just answered my first question and second question. So look at your answer and again examine what is the primary financial statement. In other words which one has to be prepared first and why.

 

[youCanAccountOnMe]

You just answered my first question and second question. So look at your answer and again examine what is the primary financial statement. In other words which one has to be prepared first and why.

Right. Income statement needs to be prepared to plug net income into the statement of retained earnings. That then allows you to plug in retained earnings into the balance sheet. I already have the value of retained earning though, making that whole process unnecessary. I am unaware of any other information I need from the previous two statements.

 

[Drmdcpa]

I am not sure your last statement is completely accurate as to what information you already have. You are ignoring information given to you in the problem and in my responses.

 

[youCanAccountOnMe]

I am not sure your last statement is completely accurate as to what information you already have. You are ignoring information given to you in the problem and in my responses.

Like what? I would appreciate you being a little less cryptic.

I understand that people don't like just handing out answers to people who haven't attempted the problem, but I have clearly done so and wouldn't be coming here for help unless I was stuck.

 

[Drmdcpa]

I understand the average person needs to hear something fourteen times before it actually is heard just like someone in an abusive relationship will return fourteen times before they finally leave.

So I say, I believe for the third time, you are ignoring information provided to you in the problem and in my responses. You seem to understand the flow of accounting but not how to apply it. Also like many reading comprehension seems to be a problem.

 

[youCanAccountOnMe]

I understand the average person needs to hear something fourteen times before it actually is heard just like someone in an abusive relationship will return fourteen times before they finally leave.

So I say, I believe for the third time, you are ignoring information provided to you in the problem and in my responses. You seem to understand the flow of accounting but not how to apply it. Also like many reading comprehension seems to be a problem.

No shit I am missing something. The statement wouldn't be out of balance if I WASNT. Unless you can give me something more than that without coming down from your high horse, stop wasting my time.

 

[Drmdcpa]

You have been given all the information you need, fourth time being said. It is you wasting your time by not clearly reading the information you have been given in the problem, and in your posts as well as mine.

When you see it, you will hit yourself upside the head and go D'oh.