Veeky Forumsnessmen, specifically accountants

Veeky Forumsnessmen, specifically accountants.

I need help, I'm doing homework and have no idea why my assets arent equaling my liabilities and equity. ive been stuck on this project for over 8 hours and its due in an hour and 40 minutes.

What do?

You are a fucking dumbass

thanks faggot, now help me with my fucking homework.

Just fudge the numbers. You are an accountant for fucks sake, make it fucking make sense and have the numbers add together or go fucking find another job. Add a line in about 'goodwill' or something for assets

Post some pics

Post your B/S and your ledger(s) and we can help you.

This might take a while. Fuck.


By the way, I am the op, my computer is just too shitty to screenshot.


Bump, good luck OP

If you are able to help with this, you should. I'm sure OP has learned his lesson and would be forever grateful

>astronaut casts two shadows

Binary star system confirmed.


Look closer at your assets side of B/S. It looks like you've overstated them slightly. Should be easy enough to find out where, just run back through the math one time.

is it equipment?

i feel like its either equipment or cash.

Is the space photo a reference to Astronaut Accountants from Outer Space?

The ending cash balance says 2160 here twice, yet on your t account on the this pic:
it says cash is 2080.

Also this is obviously a screw up with interest payable.

but i paid the intrest and payable on the loan, i thought that was a debit.

also we're closer but it still doesn't equal.

so that guy was right, my interest was off. well i guess thats that. i got a b on it(shit was online). take care guys.

Call me stupid (haven't looked at T accounts or even transactions like this for years)...

But in the June 30 transaction, why is there an interest payable amount of 80? Shouldn't it just be an interest expense of $120, given 8k * 1.5% being the 3 months worth of 6% p.a =$120?

I only go this way because it's the only thing that fits imo.

IIRC it's not so much that the interest itself is a liability, but it gives rise to an expense in that a/c.

you're correct, i fucked up and put 80 in. on the cash flows i thought it was just the expense, rather than that and interest payable.