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Started By
Message
OT Accountants or reasonable people: Help
Posted on 5/12/14 at 3:20 pm
Posted on 5/12/14 at 3:20 pm
I've been up all night and for some reason am confused about a basic income statement I'm trying to make for something random even I helped with.
For an event, let's say I had $14K in expenses and $20K revenue.
Then I found out $1K was spent already but not recorded.
Are my new expenses simply $15K and profit $5 instead of $6?
I have this big Excel chart but changing it up looks like the new expense doubled my cost--if new expense never existed I would have $21 in revenue and $14 in expenses, so the difference is $2k and not $1.
Any help would be appreciated. I know this is simple. The concepts are the same but it's slightly more complicated than the example I gave.
....update page 3
For an event, let's say I had $14K in expenses and $20K revenue.
Then I found out $1K was spent already but not recorded.
Are my new expenses simply $15K and profit $5 instead of $6?
I have this big Excel chart but changing it up looks like the new expense doubled my cost--if new expense never existed I would have $21 in revenue and $14 in expenses, so the difference is $2k and not $1.
Any help would be appreciated. I know this is simple. The concepts are the same but it's slightly more complicated than the example I gave.
....update page 3
This post was edited on 5/12/14 at 10:53 pm
12
Posted on 5/12/14 at 3:21 pm to Ghostfacedistiller
Carry the 2
Posted on 5/12/14 at 3:23 pm to Ghostfacedistiller
lol at asking the OT for money advicePosted on 5/12/14 at 3:24 pm to Ghostfacedistiller
quote:
For an event, let's say I had $14K in expenses and $20K revenue.
Then I found out $1K was spent already but not recorded.
Are my new expenses simply $15K and profit $5 instead of $6?
Yes
Posted on 5/12/14 at 3:24 pm to Ghostfacedistiller
inb4treefiddy
Posted on 5/12/14 at 3:25 pm to Ghostfacedistiller
quote:
if new expense never existed I would have $21 in revenue and $14 in expenses,
How would the expense not existing magically make the revenue increase by $1000.
If the expense doesn't exist then the net increases by $1000. You didn't raise any more money. You only raised 20K at the event as stated.
This post was edited on 5/12/14 at 3:26 pm
Posted on 5/12/14 at 3:26 pm to Clyde Tipton
quote:
How would the expense not existing magically make the revenue increase by $1000.
Exactly
Posted on 5/12/14 at 3:26 pm to lsu480
quote:
For an event, let's say I had $14K in expenses and $20K revenue.
Then I found out $1K was spent already but not recorded.
Are my new expenses simply $15K and profit $5 instead of $6?
Yes
That.
Posted on 5/12/14 at 3:26 pm to Ghostfacedistiller
If you are changing an amount in one place it must be changed in another to balance out the entry, that's why every entry has at least one debit and one credit. that is probably why it is double counting
Posted on 5/12/14 at 3:26 pm to Ghostfacedistiller
Remember that assets must always equal liabilities + SE.
Posted on 5/12/14 at 3:27 pm to Ghostfacedistiller
I don't see how this is confusing.
Posted on 5/12/14 at 3:29 pm to lsu480
Isn't this the same as the old missing dollar word problem?
Posted on 5/12/14 at 3:30 pm to SaintCajun
Debit's on the left, Credit's on the right.
Posted on 5/12/14 at 3:30 pm to 777Tiger
quote:
Isn't this the same as the old missing dollar word problem?
Not even close!
Posted on 5/12/14 at 3:32 pm to lsu480
quote:
Not even close!
wasmeanttoungueincheek
Posted on 5/12/14 at 3:32 pm to Clyde Tipton
quote:
How would the expense not existing magically make the revenue increase by $1000.
If the expense doesn't exist then the net increases by $1000. You didn't raise any more money. You only raised 20K at the event as stated.
There is an existing Excel formula and it may be off, and has a scenario for each expense. That's why I'm confused now that the balance sheet is complete I question it.
The $1K was paid at the site of the event but not recorded leaving what appeared to be $20K in revenue.
So, it could have been $21 revenue had that expense not taken place. But it feels like I'm double counting.
Posted on 5/12/14 at 3:34 pm to Ghostfacedistiller
revenue stays the same. Just because you found an expense doesn't mean you change revenue. Profit would decrease by 1000 but revenue isn't affected by a 1000 additional expense.
expenses go from 14 to 15. Revenue stays put at 20. Profit drops from 6 to 5.
expenses go from 14 to 15. Revenue stays put at 20. Profit drops from 6 to 5.
This post was edited on 5/12/14 at 3:36 pm
Posted on 5/12/14 at 3:35 pm to Ghostfacedistiller
Debit Your Expenses for 1,000 and Credit your cash for 1,000.
Posted on 5/12/14 at 3:37 pm to Ghostfacedistiller
quote:
The $1K was paid at the site of the event but not recorded leaving what appeared to be $20K in revenue.
OH!!!! Ok in this case the revenue should be 21k and the expenses should be 15k.
Posted on 5/12/14 at 3:38 pm to SouthOfSouth
quote:
revenue stays the same. Just because you found an expense doesn't mean you change revenue. Profit would decrease by 1000 but revenue isn't affected by a 1000 additional expense.
I think he is saying they took money out of the proceeds from the event and used it to pay an expense so it was never recorded as revenue. If that is the case he needs to add $1000 to both.
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