Sorry about that I have added Below are my balance sheet and income statement now the statment of owners equity is the beginig capital 28,2800 plus the net income 21,550 which is 49,750 less withdrawls 5,000 equals 44,750 which does not equal my assets. I cannot figure out what I am doing wrong.
Balance Sheet
Assets:
Cash $21,500
Accounts Receivable 17,500
Office Supplies 500
Equipment 15,000
Total Assets 54,500
Liabilities
Accounts Payable 9,750
Total Liabilities 9,750
Owner's Equity
Raya Page, Beg. Capital 28,200
Raya Page, End. Capital 37,950
Income Statement
Planning Fees Income $26,250
Total Income $26,250
Less:
Office Supplies Expenses $200
Rent Expense 800
Salaries Expense 3,000
Utilities Expense 700
Total Expenses (4,700)
Net Income $21,550
Statement of Owner's Equity I've tried to get it to balnce with the amount of on my balance sheet of $54,500.00 but can not can you help
Cash… …… ……… … … … ………$21,500
Accounts Receivable………17,500
Office Supplies…… … ………500
Equipment…… …… … …… …15,000
Accounts Payable… …… ……9,750
Rya Page, Capital… …………28,200
Rya Page, Drawing………………5,000
Planning Fees Income………26,250
Office Supplies Expense……200
Rent Expense…… ……… … ………800
Salaries Expense…… … ………3,000
Utilities Expense………… ……700
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