How to create a Balance Sheet

by Able
(Commerce)



Able writes:
The person operating my accounting software last year disappeared with my Balance sheets, Profit and Loss statements,and no telling what else. I do have my General Ledger and tax return forms. Can I create a Balance Sheet from this information. I am trying to get certified at the SBA and as a DBE and this is required.
Do I have this right..I add all the prior years net profits to get the Retained Earning data?


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Able,

Yes. Retained Earnings is the cumulation of prior years profits and losses. Sorry you had a bad experience! But you do have a couple options with what you have left of your accounting information.

If you have a General Ledger, you can prepare a Balance Sheet from that.

The first accounts listed in a General Ledger are Assets, then Liabilities, then Equity, then Revenue, then Expenses. Assets, Liabilities, and Equity are your Balance Sheet.

Also if your tax return is a corporate return, there is a small Balance Sheet in the tax return as well.

If one of these options sounds good, and you'd like some more assistance, email me again, and I can help you further.

Thanks Able!

Kathy

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