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I Really Need Some Accounting Help!?

Question by Jonathan Garmo | Posted in Other - Business & Finance

This is what I got so far and im lyrical stuck. can anyone tell me what i can do to fix this balance sheet?
Balance Sheet
April 19, 2011
Wheatley Oecumenical

ASSETS

Current Assets

Accounts receivable $120,600
Land $1,500,000
Notes receivable $61,200
Net Sales $1,053,000
Start Inventory $154,800
Ending inventory $126,600 $28,200

Cash $72,000
Buildings $1,050,000
Equipment

Answer: Net Sales is a gross income account which should go in the income statement, not the balance sheet. Beginning Inventory doesn't be confident of, only Ending Inventory does. Merchance Purchased is an expense, it goes in the return statement instead. Insurance Expense, Interest Expense, and Advertising Expense are all expenses. They go in the takings statement instead. Depreciation is a contra-asset. It goes in the asset allot of the balance sheet and you subtract it instead of add it.
 

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