Help with Accounting Balance sheet

[Proverbs356]

I cant seem to balance this Balance sheet out. Using my trial balance... Did I miss something in my net income or Retained earnings statement?

D is debt and C is credit

Trial Balance
December 31, 2012
Account Title Debit Credit
Cash 57,760(D)
Accounts Recievable 14,000(D)
Merchandise Inventory 28,824 (D)
Land 20,000 (D)
Accounts Payable 400 (C)
Common Stock 43,000 (C)
Retained Earning 33,000(C)
Sales Revenue 206,000 (C)
Sales Discount 760 (C)
Cost of Goods Sold 144,576(D)
Selling Expense 11,600(D)
Operating Expenses 6,400(D)

......................Total 283,160 283,160




Income Statement
For the year Ended December 31, 2012
Revenues
Sales Revenue…………………… .....$206,000
Total Revenue………………………. 206,000
Expenses
Cost of goods sold………………………114,576
Selling Expense………………………… 11,600
Operating Expenses……………………. 6,400
Total Expenses………………………… 132,576
Net Income………………………………….. 73,424


Retained Earnings Statement
For the year Ended December 31, 2012
Retained Earnings,January1………… 33,000
Add: Net Income…………………… 73,424
106,424
Less: Dividends…………………….. 0
Retained earnings, December 31…….. 106,424


And now the part that I cant balance...


Balance Sheet
31-Dec-12
Assets
Cash…………………………………. 57,000
Accounts Receivable………………. 14,000
Merchandise Inventory……………. 28,824
Land………………………………… 20,000
Total Assets………………………… 119,824
Liabilities and Stockholders' Equity
Liabilities
Accounts Payable……… 400
Total Liabilities………… . 400
Stockholders' Equity
Common Stock……….. 43,000
Retained Earnings…… 106,424...... 149,424
149,824
I am 30,000 off... Idk why... I have Land at 57000 because I took off the 760 because of the sales discount but I was just guessing

 

[Fidget]

I can see straightaway that in your income statement you've recorded your cost of goods sold as $114, 576. The figure in the trial balance for cost of goods sold is $144, 576, so there's your $30k.

Also, the "Sales discount" must be a discount received, as it is a credit, but the wording makes it sound like a discount allowed. You don't take it off the cash balance - it's a credit in the P&L.

Redo your statements bearing the above in mind, and you should balance.