Question about Balance Sheet assets

Discussion in 'Technical Queries' started by chase_pa, Jun 15, 2017.

  1. chase_pa

    chase_pa

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    I'm trying to create the financial statements for for a three year period. The balance sheet for the Interim period seemed to balance; however, when I created the Year 1 balance sheet, my Total Liabilities & Owner Equity was way more than my assets. Should the assets include both Ending Cash Balance from the previous year and new cash receipts, or just the new cash receipts?
     
    chase_pa, Jun 15, 2017
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  2. chase_pa

    Steve-LevelUp VIP Member

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    Assets should include total cash on hand rather than new cash receipts.
     
    Steve-LevelUp, Jun 15, 2017
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