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Old 06-28-2016, 02:23 PM   #98
Amnorix Amnorix is offline
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Join Date: May 2003
Location: Boston, Mass.
Casino cash: $10029808
Quote:
Originally Posted by Buehler445 View Post
I'd really recommend doing a balance sheet at FMV.

Assets = Liabilities + Equity.


Organizing it any other way can lead to material misstatement.



Yeah my dad was on the other side of that. I'm not sure if he had any land loans, but I know he had an operating note.

I asked him a couple years ago how the hell he managed to survive that. His answer was legitimately, "I don't know."

Part of the answer was inflation was sky high. Year over year income was increasing dramatically too.

Basically, take all your income, your obligations, your assets, and add a zero to everything year over year, and you sort of get to the same result. Everything is the same, just "more".

The people that got screwed were people that were laid off, or on fixed income, etc., or who were just sitting on cash and not deploying it. Then you get killed becuase costs/expenses are increasing dramatically, but income isn't.
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