Replies to post #58510 on FBC Holding Inc (FBCD)

[MrPics]

They need to get accountants that can add. The last financials had errors as I pointed out. I have been waiting for a revision.

The error was with gross profits. Oh well, does it really matter? This company will never see profits.

"Retain Earnings: error??
6/30 RE $122,151.07
9/30 RE $82,299.30

9/30 Net Income (loss) $39,399.76 (error)

Error explanation:
Gross profit was recorded as $48,463.05 for both 6/30 & 9/30

6/30 Income Statement:
Service Income - $96,541.16
CGS - <$48,078.11>
Gross Profit - $48,463.05

9/30 Income Statement: (with error)
Service Income - $78,601.26
CGS - <$38,514.62>
Gross Profit - $48,463.05 (error)

Gross Profit should be for 9/30:
$40,086.64 not $48,463.05

Admin expenses increased $39,206.11

Net loss should be $47,776.17 and not $39,399.76 due to CGS error.

This error throw off the Cash Flow Statement and leaves the true balance of the cash account in question. "

$$FBCD