Balance sheet exercises

Build balance sheet totals.

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Balance sheet totals

Balances: Cash $5,700.00, Accounts Receivable $2,800.00, Equipment $8,500.00, Accumulated Depreciation $1,000.00, Accounts Payable $800.00, Notes Payable $500.00. Compute total assets, total liabilities, and owner's equity.

Quick lesson

The balance sheet

The balance sheet shows financial position at one date. Assets are listed current first, then non-current, with contra assets deducted. Liabilities follow, then equity. Before closing, current-period income is shown within equity so the statement balances.

The balance sheet is a snapshot, so its heading states a single date. Current assets are expected to be used or collected within a year; non-current assets are longer-lived. Accumulated depreciation is shown as a deduction from the related asset. If the balance sheet does not balance, an entry is missing or a statement line is misclassified.

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How grading works

Answers are checked on our server against a fixed rubric: accounts, debit or credit side, amounts to the cent, and dates. Hints start with the smallest useful clue. Revealing the solution is allowed, but mastery requires a later unassisted success.