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Can you take a look at a balance sheet and tell me if it

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Hey Jason. Can you take...
Hey Jason. Can you take a look at a balance sheet and tell me if it shows the company in a strong financial position compared to the 1120 I sent you last week
Submitted: 1 year ago.Category: Tax
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Answered in 15 hours by:
3/29/2016
Tax Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 1 year ago
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience: Principal at Jason M. Tyra, CPA, PLLC
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Not really- a tax return and a balance sheet are not really comparable to one another. I can tell you whether I think it looks strong in general or compared to another company, though.

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Customer reply replied 1 year ago
OK THATS FINE
Tax Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 1 year ago

This balance sheet isn't in balance. Assets should equal liabilities plus shareholder's equity. If you have reviewed all of your asset and current liability balances as of 27 March and know them to be correct, then I would say that your capital balances are off. It's a little unusual to separate out "Owner's Equity" from "Shareholders' Equity," so my guess would be that you are double counting there.

This company looks ok to me. I would want to see a series of complete financial statements over time before providing an opinion on trends. However, at this point in time, the balance sheet appears strong. If sales are good and the company isn't just burning through cash, then it is probably in good shape.

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Customer reply replied 1 year ago
Sorry I sent you the wrong one. As I mentioned to you earlier my brother and I own the company. He handles day to day. I only have bits and pieces of these documents. My attorney is in the process of getting everything from him. The other may have been wrong because of his mismanagement.
Customer reply replied 1 year ago
You can always charge me for your time
Tax Professional: Jason M. Tyra, CPA, Certified Public Accountant (CPA) replied 1 year ago

This one is still out of balance. Actually, this one is pretty much the same as the one you sent before.

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Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
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