Canada Balance sheet conundrum!

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I have a new company that's not really in full operation yet, but I want to make the year end now...

I've personally paid $487 in expenses for stuff I bought that I eventually want to be reimbursed for.

The company has $34 in revenue.

So, on my Income Statement I have:

Sales $34
Expenses $487
Net income ($453)

Now I know my Balance sheet needs to have Assets=Liabilities + Shareholder Equity

But it's not working, as you'll see below I have $521 assets which does not equal $34 liabilities+shareholder equity! I have:

Current Assets $34 (my revenue)
Other assets $487 (all the stuff that I bought and paid for personally)
TOTAL ASSETS $521

Current Liabilities $34 (I will reimburse myself this to cover part of my expenses)
Long term Liabilities $453 (the part of my expenses not yet reimbursed
TOTAL LIABILITIES $487

Shareholders Equity ($453) - my tax software is pulling this from the Income statement.

TOTAL Liabilities + Shareholders Equity $34

Retained Earnings ($453)


OK, so where am I going wrong here???

Thanks in advance!
Lexi :)
 

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