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Typical conversation with a client: A client has $25,000 net…

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Typical conversation with a...

Typical conversation with a client: A client has $25,000 net income (cash basis) and the bank account has $10,000. There is no money in Undeposited Funds and there has been no theft. The client wants to know how it’s possible to have $25,000 net income and $10,000 in the bank. He asks, “Where did my money go?” What are 3 possible answers for what happened.

Submitted: 6 months ago.Category: Finance
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Answered in 15 minutes by:
3/11/2018
Financial Professional: PDtax, CPA, MBA replied 6 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,154
Experience: Tax professional and business consultant for 35 years.
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Customer reply replied 6 months ago

Typical conversation with a client: A client has $25,000 net income (cash basis) and the bank account has $10,000. There is no money in Undeposited Funds and there has been no theft. The client wants to know how it’s possible to have $25,000 net income and $10,000 in the bank. He asks, “Where did mymoney go?” What are 3 possible answers for what happened.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Customer reply replied 6 months ago
No, just need 3 possible answers
Financial Professional: PDtax, CPA, MBA replied 6 months ago

Non deductible disbursements like car payments

Withdrawals taken by owners through the year

Prepaid expenses like rent that aren't deductible until next year

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