Case Help. Can't Balance

USA Discussion in 'Exams and Studying' started by brthegreat117, Sep 11, 2018.

  1. brthegreat117

    brthegreat117

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    Hey everyone. So my Accoutning 201B class has us do cases. I am pretty much stuck doing all the work right now as one memeber dropped the class and the other is no help.
    I am at the Balance Sheet section, but my assets are not equaling my liabilities/equity.
    I am beyond stressed out and need some help confirming if these are right.
    My professor is being transparent with things like 'Income Taxes', is it payable or is it an expense? The same thing with 'Salaries and Wages'.
    Screenshot (20).png Screenshot (22).png
     
    brthegreat117, Sep 11, 2018
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  2. brthegreat117

    Steve-LevelUp VIP Member

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    When you list out the balances, what is the difference between Assets and liabilities/equity. This difference can usually point you in the right direction. Sometimes, the exact difference matches the balance of a missing account, or an account added in error.
     
    Steve-LevelUp, Sep 11, 2018
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  3. brthegreat117

    KentonJ

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    If I'm understanding what you are asking and based on you tb it looks as though you classified the accounts in question opposite of there nature...

    Typically depending on the fiscal year or operating cycle, whichever is longer, each of the accounts you're questioning may or may not have portion due during this portion of the accounting cycle... thus perhaps reclassify and check adjustments....
     
    KentonJ, Sep 13, 2018
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