turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

can anyone help me balance my balance sheet?

cash is $2170, equipment is worth $52,830, depreciation value is $1258, owner's equity is $55,000 how do I balance my sheet?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MindyB
Expert Alumni

can anyone help me balance my balance sheet?

Is the "worth" of the equipment the cost before or after depreciation expense?  It seems that it may be before, so if that is the case, the net book value of the equipment is $51,572.

 

Your owner's equity should be decreased by $1,258, since your income decreased by the depreciation at some point. 

 

Here is an article you may find helpful:  What is owner's equity and how do you calculate it?

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question