Struggling with Balance sheet - could someone help please
Based on information below I need to create a balance sheet.
On 31st March 2023 the firm has following figures
1. Cash 10000
2. Receivables 1200 and inventories 500
3. Other current assets 800
5. Fixed assets 30000 and depreciation 1500
6. Debt due for payment 150 and accounts payable 7000m other current liabilities 800
7. Long term debt 27000
8.common stock 8000 and retained earnings 1050
9. The firm has earned a revenue of 75000 and cost of gods sold is 45000. Tax 23%
According to my calculations
Current assets 12500
Fixed assets 28500 (30000-1500)
Total assets 41000
Equity 9050
Liabilities lo g term 27000
Short term 7950
Total equity and liabilities 43000
Where did I make mistake? Do I need to use figures from the point 9? If so how? I'm so confused. Thank you
Thank you
On 31st March 2023 the firm has following figures
1. Cash 10000
2. Receivables 1200 and inventories 500
3. Other current assets 800
5. Fixed assets 30000 and depreciation 1500
6. Debt due for payment 150 and accounts payable 7000m other current liabilities 800
7. Long term debt 27000
8.common stock 8000 and retained earnings 1050
9. The firm has earned a revenue of 75000 and cost of gods sold is 45000. Tax 23%
According to my calculations
Current assets 12500
Fixed assets 28500 (30000-1500)
Total assets 41000
Equity 9050
Liabilities lo g term 27000
Short term 7950
Total equity and liabilities 43000
Where did I make mistake? Do I need to use figures from the point 9? If so how? I'm so confused. Thank you
Thank you
(edited 4 months ago)
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