Subscribe to this topicForums > SL CapEx Public Forum > Topic: Balance sheet seems to have errors
| Apr 9th 2008, 20:00 Gen Ferraris |
Balance sheet seems to have errors
Edited by author Apr 21st 2008, 11:35 |
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| edit: this isn't any of my biz anymore. | ||
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| Apr 10th 2008, 01:19 Sean4you Shepherd |
Re: Balance sheet seems to have errors | |
| Where is that 1 000 000 L debt for invoice ? The bill not billed yet ? | ||
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| Apr 10th 2008, 08:51 Bogart Beck |
Re: Balance sheet seems to have errors | |
SL CapEx has NO depositors. Deposits are held by SLW and are reflected accurately on the SLW Balance Sheet (just like the were with JTF). |
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| Apr 10th 2008, 09:09 Gen Ferraris |
Re: Balance sheet seems to have errors
Edited by author Apr 21st 2008, 11:35 |
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| edit: this isn't any of my biz anymore. | ||
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| Apr 10th 2008, 12:09 Bogart Beck |
Re: Balance sheet seems to have errors | |
Huh? Quite simply, CapEx is not a bank. The banking relationship you have is(was) with JT Financial (now SLW). SL CapEx shares a common back-end accouinting system with SLW/(JTF) but has NEVER been the bank - just an Exchange. |
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| Apr 10th 2008, 14:28 Sean4you Shepherd |
Re: Balance sheet seems to have errors
Edited by author Apr 10th 2008, 14:34 |
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| "SL CapEx shares a common back-end accouinting system with SLW/(JTF) but has NEVER been the bank - just an Exchange" Thats odd BO because we got interest on our money we had in SLCAPEX before the banking ban. But i cant find anything about interest payed in SLCAPEX financials http://www.wisemetaverse.com/SLCX_FIN-2007-12-31.xls. If the interest on the money deposit in SLCAPEX account was payed by JTF....it probably was a bank with exchange features. And Bo, i really hope you are not ignoring my questions. I think they are relevant even if they are annoying you. Thats kind of childish behaviour if you do. May you explain the debt SLCAPEX hade in invoice bill which havent been payed. Shouldnt debts of 1 000 000 L be reflected in the accountings ? |
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| Apr 10th 2008, 15:41 Bogart Beck |
Re: Balance sheet seems to have errors | |
Accts Payable are reflected in the period in which we recieve an INVOICE (and we pay them in the same accounting period received). |
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| Apr 10th 2008, 16:22 Bogart Beck |
Re: Balance sheet seems to have errors | |
Your Deposits were NEVER HELD BY SL CapEx... they were held by JT Financial (and now SLW). Interest on deposits was paid by JT Financial - not SL CapEx. |
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| Apr 11th 2008, 01:23 Sean4you Shepherd |
Re: Balance sheet seems to have errors
Edited by author Apr 11th 2008, 01:30 |
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| Yes Bo. I do understand that bills are payed in the accounting period you recieve them. Thats common procedure. But the question was about 1 000 000 L in debts. Usually such a BIG debt should be reflected in the accounting. Maybe i have overlooked it somewhere and you could kindly enlighten me where in the financials the debt is. |
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| Apr 11th 2008, 03:45 Guardian Market |
Re: Balance sheet seems to have errors | |
| There is an error in the balance sheet, actually, but it doesn't have to do with the liabilities as near as I can see. It has to do with Retained Earnings. Although the balance sheet says "Take directly from line 50 of the income statement," that line should actually be cumulative. Here's an Investopedia article on how to compute it: http://www.investopedia.com/terms/r/retainedearnings.asp You can also look at SLR's financials, where I do a Statement of Retained Earnings that shows it explicitly. There's a *tiny* error on the income statement, too, but that one's getting pretty picky. |
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