- The "TOTAL CURRENT ASSETS" value of $7,850.00 is correctly calculated as the sum of Current Assets ($2,200.00), Fixed Assets ($3,300.00), and Other ($2,350.00) for FY2.
- The "TOTAL CURRENT LIABILITIES" value of $4,000.00 is correctly calculated as the sum of Current Liabilities ($1,245.00), Intermediate Liabilities ($2,232.00), and Long-Term Liabilities ($523.00) for FY2.
- The "TOTAL CURRENT EQUITY" value of $6,723.00 matches the "Owner Equity" value for FY2, which is also listed as $6,723.00 in the Equity section.
- The fundamental accounting equation (Assets = Liabilities + Equity) holds true for FY2: $7,850.00 (Total Assets) = $4,000.00 (Total Liabilities) + $6,723.00 (Total Equity). This indicates an error in the provided data, as the sum of liabilities and equity ($10,723.00) does not equal total assets ($7,850.00). The correct Total Equity should be $3,850.00 to balance the sheet.
Parent Tip: Review the logic above to help your child master the concept of printable money balance sheet.
