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Oct 11, 2017
12:24
:59
pm
HarlemCoug
Playmaker
are you saying that the company continues to book it as income on the income statement even after the payoff and has an
offsetting expense? And perhaps you're concerned because you feel they are overstating their revenues?
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HarlemCoug
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HarlemCoug
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Messages
Author
Time
Accounting question on a loan. A small business gives a $100K loan to a customer
Bro
10/11/17 12:18pm
It won't show up on the balance sheet or income statement unless
Huge Manatee
10/11/17 12:21pm
All transactions happened within the same month?
BlackBart
10/11/17 12:22pm
There are actually several loans and they are typically paid back within several
Bro
10/11/17 12:23pm
Any loans crossing over at a month-end should be on the balance sheet
BlackBart
10/11/17 12:32pm
Assuming the loan is paid back after month end, shouldn't it be shown as an
Bro
10/11/17 12:31pm
are you saying that the company continues to book it as income on the income statement even after the payoff and has an
HarlemCoug
10/11/17 12:24pm
Yes, I am concerned they are overstating their revenues. It looks like they book
Bro
10/11/17 12:28pm
Ask to have their operating accounts' bank statements. Compare revenue/cogs
BlackBart
10/11/17 12:35pm
RE: Yes, I am concerned they are overstating their revenues. It looks like they
Twturner5
10/11/17 12:35pm
I'm no CPA, but...
WaHooWaCoug
10/11/17 12:37pm
I think it will be difficult to find an accountant who thinks this is revenue. Because the revenues and COGS don't match
HarlemCoug
10/11/17 12:38pm
Thanks. I won't name names, but they used a CPA based in SLC for 2016 taxes.
Bro
10/11/17 12:44pm
you use the word "clearly" in your post. if it's clear what they were doing then that's less troubling.... not exactly
HarlemCoug
10/11/17 12:46pm
It's a balance sheet transaction only. No part of it should ever hit the P&L
BYU-Ite
10/11/17 12:31pm
RE: It's a balance sheet transaction only. No part of it should ever hit the
Twturner5
10/11/17 12:37pm
Thank you! This is the answer I was hoping for and I hope this is actually the
Bro
10/11/17 12:37pm
Ask for their billing register in Excel. In most outputs, you should be able to
BlackBart
10/11/17 12:41pm
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