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Miami, FL, August 12th, 2014
* Balance Sheet
Concluding our presentation in this last step, it can be
visualized the position of all transaction registered during any
given period. For the purpose of this exercise we covered all
involved aspects for anyone to have an idea on the distribution
of all transactions, like expenses, income, assets, liability or
capital. It is not as simple as adding the amounts “invested”
and subtract the expenses to see the end result. If we would
take that route, the bottom line should be totally different.
Instead we had three different assets, cash on hand, equipment
and inventory. One liability was created and the equity is
composed of two, opening balance and the income generated within
the period. Next picture will let you see the completed
distribution. Hope this set of presentations will help to better
understand how the accounting system works!
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* Fernando Angel
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