[Solved] Can someone help me balance my Balance Sheets?

Alpine

University project is to create a start-up business and do three years of financial statement projections. I've been wracking my brain trying to make my balance sheets balance but I can't figure out where my error is.

I tried to make the accounting as simple as possible - no accounts receivable or payable, no inventory, no bank loans. The only things on my balance sheet are assets (less deprecation), a financing plan on one of the assets, and my owners' capital and retained earnings.

I've uploaded my Excel file to Google Drive. If someone could help me figure out where I've gone wrong, I'd be super grateful.

suicidexcuse

I loved these assignments when I was in school.

Overall you have a few problems:

First off you have not included your payment processing and photographer royalties in the cash flow statement. They were included in your earnings calc and since you have no AR they need to be in your cf.

Second, your earnings for year 2 and 3 on your income statement are not factoring in interest. Earnings before and after interest are the same.

Lastly, your year 2 and 3 cash flow are taking variable expenses from year 1.

I tried it out quickly and the balance sheet balanced. As a side note your BS looks well done but your IS is terrible. I can't see where any subtotals are happening. Insert underlines to signal a total.

Alpine

It balances to the penny now, you have no idea how much less stress I'm going to have this weekend because of this. Thanks a million, and thanks for the advice on formatting my IS.