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Financial statements for a durable goods company

The main difference in these types of financial statements is inventory. The problem is generally a valuation issue.

If your in the business of selling used automobiles then you have an inventory which in general, will go down in value every single day that it sits on your lot. If you were in the business of selling fresh fruit, it doesn't generally decrease incrementally. It can either be sold, or it spoils and is a complete write-off.

Doing accounting for these types of companies can be quite challenging. If you are asking this question in the first place, then its probably time for a new accountant. Call our offices today. The Special Accounting Packages section of this website may have a special offer which will help. If you have a new business, an audit, need returns prepared, or simply want a second opinion, we're here to assist. As highly recommended tax accountants practicing in the Chicagoland Area, we have the experience necessary to help your company. Simply call or e-mail Accounting Solutions today.