[A Navy Vet]

Yes, I know. I was putting it simply. I can read a Balance Sheet and a Profit&Loss statement. Other than big companies, I've always thought the Balance Sheet is not as important as the Profit&Loss statement that shows the total revenue and total expenses and the bottom line net profit over the gross income.

Of course, things like "administrative expenses" and "marketing expenses" and others on P&L's can be padded, until the IRS audits. Owning 3 small companies, I always kept every receipt for expenses. Also, it helps to have a good tax accountant.

[gov_bean_ counter]

Didn’t mean to insult. Probably should have sent to all. Clearly you understand the concepts. Not sure others do.