Thread: Asc Success!!
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Old 02-27-2008, 11:08 AM   #14 (permalink)
Mary Salzer
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Re: asc asking for profit & loss statement-need advice

Tell her to extract the draws from that operating statement and to reflect in the operating statement excess $$$ as capital contributions to the corp.....all excess, that does not meet the draw or loan to officer criteria. She will understand....then the draw and loan to officer (husband) is the income that you derive your household expenses on, you can not draw that out of the corporation unless it is treated as a direct draw to the husband (officer of the corp). She will understand my drift. Business is a break even after excess capital reinvested and draws to officer/salary.....whatever they call it in your corp.

Last edited by Mary Salzer; 02-27-2008 at 11:10 AM..
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