Financial Accounting
In Module 2, the $35,000 worth of goods was never purchased, so that figure is irrelevant. Now with Module 3, we begin with a balance sheet that does not balance. To this, several changes are to be made. The company raised an additional $225,000, which balances because Common Stock increases by that amount, and the company receives that much Cash. The dividends represent a decline in cash of that amount, and a decline in Retained Earnings. The asset is covered by $400,000 in the land less $50,000 in cash, and the other $350,000 goes to Notes Payable. The result is as follows:
The first major adjustment that needs to be made, based on Module 2, is that the company needs to add back the $35,500 worth of inventory. This should never have been removed. The second adjustment is that the profit would have been higher, by $35,500 because the cost of goods sold included this sale that never happened. That will increase equity by $35,500. This still leaves the balance sheet unbalanced.
31-Dec-12
Balance Sheet
Assets
Current Assets
Cash
16700
Accounts Receivable
24500
Inventory
60500
Total Current Assets
101700
Fixed Assets
Equipment, net
425,000
425,000
Total Assets
526700
Liabilities
Short-Term Liabilities
Accounts Payable
67,000
Total Current Liabilities
67,000
Further, Oracle also has templates and process definitions for the electronics components market as well. Lastly the financial modules with Oracle can also be used for local government reporting in addition to SOX compliance. For the small business of $2M their needs are drastically different than the $100M distributor that has offices across multiple geographies. The $2M company for purposes of this example is a manufacturer of air conditioning spare
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