Accounting - I really stipulation give a hand! this is 1 out of 51.?
Note payable $41,000rent expense 24,000
cash 3,600
department supplies 4,800
salary expense 60,000
salary payable 2,000
property tax expense 1,200
bureau furniture $45,000
utilities expense 6,800
accounts payable 3,300
capital 27,100
service revenue 158,100
accounts receivable 9,000
supplies expense 4,000
*Can you please manly a balance sheet for me - I tried and hang on to failing! Thank You!
Answers: It's no wonder you keep failing. The debit in your interrogate don't equal the credits. Obviously nothing will work out right.
Debits:
department furniture $45,000
utilities expense 6,800
rent expense 24,000
cash 3,600
department supplies 4,800
salary expense 60,000
property import tax expense 1,200
accounts receivable 9,000
supplies expense 4,000
Total debits $158,400
Credits
Note payable $41,000
salary payable 2,000
accounts payable 3,300
capital 27,100
service revenue 158,100
Total credits $231,500
http://www.score.org/template_gallery.ht...
There are template here, in Excel worksheets.
I would suggest making T-Accounts to isolate adjectives the transactions to the accounts taht they affect.
In the above example, expense and revenue accounts do not hit the balance sheet.
Also, I inevitability to know if the company uses the cash or accrual font.
There are templates contained by Excel available onlin efrom MS and other sources.
OPENING DAY BALANCE SHEET
[Company Name]
ASSETS
Current Assets
Cash in Bank $3,600
Inventory -
Accounts Receivable 9,000
Prepaid Expenses -
Furniture
Office Supplies 4,800
Total Current Assets $17,400
Fixed Assets
Machinery & Equipment $-
Furniture & Fixtures 45,000
Leasehold Improvements -
Real Estate / Buildings -
Other -
Total Fixed Assets $45,000
Other Assets
Specify $-
Specify -
Total Other Assets $-
Total Assets $62,400
LIABILITIES & NET WORTH
Current Liabilities
Accounts Payable $3,300
Taxes Payable -
Notes Payable (due in 12 months) 41,000
Salaries Payable 2,000
Current Portion Long-term Debt -
Other current liabilities (specify) -
Total Current Liabilities $46,300
Long-term Liabilities
Bank Loans Payable (greater than 12 months) $-
Less: Short-term Portion -
Notes Payable to Stockholders -
Other long-term debt (specify) -
Total Long-term Liabilities $-
Total Liabilities $46,300
Owners' Equity (Net Worth) $16,100 9000
Total Liabilities & Net Worth $62,400
The template I used computed Owner's Capital/Equity of $16,100 when it should be $27,100 as you indicated. This tell me you are off by $9,000 "somewhere".
Income Statement
Revenue
Note payable $41,000 $158,100.00
rent expense 24,000
bread 3,600 Expenses
office supplies 4,800 $24,000.00
gross expense 60,000 $60,000.00
salaries payable 2,000 $1,200.00
property excise expense 1,200 $6,800.00
office furniture $45,000 $4,000.00
utilities expense 6,800 $96,000.00
accounts payable 3,300
income 27,100 Net Income $62,100.00
service revenue 158,100
accounts receivable 9,000
supplies expense 4,000
*Can you please male a set off sheet for me - I tried and keep failing! Thank You!
To cause a balance sheet, you necessitate to categories respectively of the items as follows:
1) Current Assets
2) Long term Assets
3) Current Liabilities
4) Long Term Liabilities
The item call "capital / 27,100" contained by your list is blurred. If it's a tangible piece of income such as equipment and machinery, then it's a long possession asset. If it has to do beside the funding of the business venture, afterwards it belongs in the equity part. You'll get two different go together sheets depending. So there's no way to distribute a correct answer based on your info, but here's a harmonize sheet that assumess capital/27100 belonging in the equity wedge, because that figure would inevitability to be known anyway to put together a balance sheet. This should at smallest help bring back you thinking.
Balance Sheet
XYZ Corp
PeriodEndDate
Assets
Current Assets
3600Cash
9000AR
4800Supplies
17400Total Current Assets
Long Term Assets
45000Office Furniture
45,000Total Long Term Assets
62,400Total Assets
Liabilities
Current Liabilities
3,300AP
2000Salary Payable
5,300Total Current Liabilities
Long Term Liabilities
41000Notes Payable
41000Total Long Term Liabilities
46,300 Total Liabilities
Equity
-11,000 Retained earnings
27,100 Capital
Total Equity 16,100
The income statement for the present term can also be foremd and parlayed into the balance sheet, but you would still involve to plug a retained earnings digit from the prior period, as this is appreciably not a balance sheet for a company's especially first period of operation.
How can i view my sss contributions?
Answers: You're supposed to get a statement once a year aptly named "Your Social Security Statement".
To get your try this link or call
https://secure.ssa.gov/apps6z/isss/main.
1-8OO-772-1213
You can also go into your local SS office which you can find here:
http://www.socialsecurity.gov/
contact ss and they will give you the information you desire!
Current story and Mortgage?
I have only just applied for a mortgage and while the mortgage advisor says we should be fine to capture a mortgage there is ont entity im a bit worried about.We enjoy had the usual request for information, P60, 2 wage slips etc. However, they also obligation 2 months copy of my current account.
Now, this is not exactly full. Not within an overdraft or anything, but i am just worried that they may look at it and frown!
Could a low current information stop our chances of obtain a mortgage or am i looking too deep into it? ?Is it something as simple as they stipulation to check i simply have a wall account?
Cheers
Answers: The hill statement is purely for ID reasons...they will look right into your credit history for the ending few years so whats in your report on the statements you send doesnt be set to anything.
I think they basically check to see if you manage your money ok and that your wages carry paid within etc
dont worry it will be fine hun x
I am constatly contained by my overdraft lb2500 and i recently applied and be succesfull in getting a lb130,000 mortgage! i wouldnt verbs about it dude, so long as you hold a good regular income and you can afford they monthly payments here will not be a problem!
I did this around 6 months ago.
Basically they are making sure that your not blowing your money on stuff like:
Internet Gambling
Huge amounts of lolly withdrawn
etc etc etc
They are just protecting their investment, if you hold a healthy flow of bread going in and out of your side you will actually come across BETTER than someone who of late sits on their money all year. After all you enjoy proven that you can handle your portrayal without going overdrawn even when you enjoy bills coming out.
What you have (or don't have) contained by your account is not of concern to them. It's used for ID purposes and also to confirm that hold been competent to obtain a guard account surrounded by the past (some society can't).
I'm a conveyancer and I've seen guard statements where a creature buying a lb1,000,000.00 property is so overdrawn it makes me wonder how are they going to repay the mortgage!
Don't verbs about it.
UK? If you are using a mortgage broker, when it show him the current rationalization he will tell you if nearby is a problem.
From my experience, they really just want to see that you own an account.
Absolutely no necessitate to worry. They will be using the portrayal as proof of address and maybe to check that any existing mortgage have been compensated for the last two months. The solely other thing that could potentially exact a problem is if there be any returned direct debits or unpaid cheques on near.
As long as you havent gone over any authorised overdraft limit and hold moved large amounts of money into or from your sketch then in attendance shouldnt be a problem, they are just checking to see if your accounts are "perfect conduct" accounts, i wouldnt worry around it, just show your edge statements to the mortgage advisor and ask him to check that they are ok (its part of his job).