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I could use a little Balance Sheet help?
The totals of my Liabilities and stockholders equity is unbalanced to the total assets by the exact amount of my net income. I don't believe net income is on the balance sheet is it? Where did I go wrong???
@Sean: I did include retained earnings in the stockholder's equity, but was i suppose to close the monthly net income in to the retained earnings somewhere? That's the only thing i can think of since it was off by exactly the net income from my income statement
2 Answers
- R TLv 78 years agoFavorite Answer
Net income should be listed on the asset side of the balance sheet as "income".
Source(s): /// - Sean RobertsLv 78 years ago
You forgot to insert the retained earnings into the balance sheet. The retained earnings is the net income. Remember that the trial balance shows assets, liabilities, capital, income, and expenses. The net of the income and the expenses is the retained earnings.
