Expert: Ed McFarland - 2/24/2006

Question
Ed McFarland

Hello Ed,

  Follow up question, and hopefully last.

Thanks for the immediate response. I do not have any payables in my expenses. The only credit or payables would be a credit card balance paid in full each month, and a loan for a truck. The itemized credit card expenses are a month behind.  A Statement closing Dec.28, 05 would be paid in full during Jan. 06, and used for the 06 year. My calendar year is Jan- Dec when payments are made. Itemized credit card expenses for 05 are statements Dec. 28,04 Nov. 28,05. The truck loan is paid monthly and annual interest as stated, is calculated.  All other transactions are strictly cash basis. Income in, and expenses out, from Jan.1 to Dec.31

Does this have any effect on your first answer?

Thank you again for your time!

Respectfully,

Don


Answer
That probably rules out my first guess.

Then follow on with my suggestion and get the basic financial statements and ask the accountant what the profit calculation is.

When you get an answer and if you still have questions feel free to contact me again and I'll review his comments. Just one thing, make sure he explains it to you so you understand it. You may not like it or agree with it, but you at least know what he is talking about.

Good luck