- 11 -
Cash in Bank (31,446.70)
Notes Rec. 9,542,772.59
Notes Payable:
E & June Cordes (4,108,408.00)
Edmund Cordes, Inc (600,000.00)
Bldg Corp (100,000.00)
Capital Stock (100,000.00)
Surplus (4,000,000.00)
Retained Earnings (939,829.92)
Loss (336,912.03)
Interest Earned 855,861.00
Chg off & Rep Loss 796,073.50
Salaries 77,750.00
Payroll Taxes 6,172.88
Repo Exp 266,424.55
Legal & acctg 17,489.33
Postage 4,205.00
Misc 2,374.77
Taxes 7,056.25
Int. Paid 2,772.60
Group Ins. 12,454.15
(0.00)
The amount of the loss identified on the adding
machine tape is the same as the "Net income per books"
reported on Schedule M-1, Reconciliation of Income per
Books With Income per Return, of petitioner's 1990
return. According to Schedule M-1, petitioner's loss
of $336,912.03 was offset by income in the amount of
$344,827.64 attributable to changing petitioner's method
of accounting for bad debts from the reserve method to
the specific charge method. The difference between those
amounts, $7,915.61, is the taxable income reported by
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Last modified: May 25, 2011