Replies to post #15588 on Allenergy Inc (fka ALRY)

[OLWALRUS]

Your right, the deviance would be in an Opinion letter, please excuse my verbiage. Thank you for the correction, I will be more careful in the future.

If the salaries were not accrued, they are not an expense. What you are stating is the salaries were earned, not paid and are due to management in a future accounting period. This is not a true statement.

If you had taken the time to read the posts of those that had visited Independence, you would have discovered that for most of 2007, there was Larry, Rex, a lady in the office and 4 to 6 employees that worked in the field. You also should remember that they had floods last year that did not allow a 52 week work year. Hate to disagree, but there are "no big boys".

[overachiever]

How right you are.

if financial statements do not include costs i do not take them to be a fair representation. i would think that any financial statements would have an accrued payable and accrued expense to include any salary not paid. it is a simple debit credit type of thing. Otherwise, companies could make up their own set of accounting principles.