Category Archives: ACCOUNTING

US.Rep. Corrine Brown, Gets Jail Time

US.Representative Corrine Brown Gets Jail Time!

Federal prosecutors said the three used One Door to bring in more than $800,000 between 2012 and 2016, including a high-profile golf tournament at TPC Sawgrass. The Virginia-based One Door only gave out one scholarship for $1,200 to an unidentified person in Florida, according to court documents.”

A federal judge in Florida has sentenced former U.S. Rep. Corrine Brown to five years in prison, followed by three years of probation, for fraud and other charges related to a purported charity for poor students that she used as a personal slush fund.

The sentence was handed down in Jacksonville on Monday morning. The 71-year-old Brown will be allowed to turn herself in no earlier than Jan. 8.
The Democrat served a Florida district that included Jacksonville during her historic, nearly 25-year career.

She was convicted by a federal jury in May on 18 of the 22 charges against her, which included fraud, lying on her tax returns and on her congressional disclosures.

This is an update to a developing story. The original report is below.

A federal judge is expected to sentence former U.S. Rep. Corrine Brown on Monday for fraud and other charges related to a purported charity for poor students that she used as a personal slush fund.

The 71-year-old Brown is due in court at 10 a.m. in Jacksonville, a city in the Florida district she represented in Congress during her historic, nearly 25-year career.

Brown, a Democrat who was one of the first three African-Americans to be elected to Congress from Florida since Reconstruction, could spend the rest of her life in prison.

A federal jury in May convicted her of 18 of the 22 charges against her, which included fraud, lying on her tax returns and on her congressional financial disclosures.

Prosecutors outlined a pattern of fraud by Brown and her top aide that included using hundreds of thousands of dollars from the One Door for Education Foundation for lavish parties, trips and shopping excursions.
Brown’s former chief of staff, Elias “Ronnie” Simmons, and One Door’s executive director Carla Wiley accepted plea deals and testified against Brown. They are also scheduled to be sentenced Monday.

Federal prosecutors said the three used One Door to bring in more than $800,000 between 2012 and 2016, including a high-profile golf tournament at TPC Sawgrass. The Virginia-based One Door only gave out one scholarship for $1,200 to an unidentified person in Florida, according to court documents.

Simmons told jurors that his boss ordered him to take cash and checks from One Door’s account on dozens of occasions and deposit the money into Brown’s personal account.

Brown testified in her own defense, saying she was left in the dark about the details of One Door’s money, and blamed the theft on Simmons.
U.S. District Court Judge Timothy Corrigan could sentence Brown to many years in prison for each of her 18 counts.

Her attorneys argued for leniency at a hearing last month, saying Brown’s community work should mitigate her crimes.

 

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http://www.tampabay.com/florida-politics

 

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VENDING SALES and INVENTORY

VENDING   SALES   INVENTORY    Pt.3

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HOW TO TRACK VENDING SALES AND INVENTORY
by Andrew

June 5, 2015

The  future is always determined by patterns, and how a new business owner adjusts their strategy to more efficient and successful long-term profit is heavily based on being able to see and recognize these patterns. What sells well, where, and how often helps to refine what products and locations to focus on for further vending machine placement, stocking, and ideal times to schedule refills. Of course, there’s also the initial benefit and need to keep track to make sure you’re not running out of anything, going past expiration dates, and simply taking stock of how gross sales at the current moment.

Simply put, being able to keep a tab on inventory and sales of your machines is yet another important foundation to a smooth and successful vending machine venture. Doing it in an efficient and organized fashion is the goal, but difficult without the right resources. One already has to collect and note down this information on every single visit to setup machines, which sooner or later can easily amount to dozens of separate sheets to deal with at a time, then compile it on a just-as-frequent basis in a separate program, hoping it’s been done right and can actually be read and understood fully. Not to mention separating these compilations out into various categories, either by machine/product type (if having multiple under your belt), location, or other factor, some of which may cross. Then having these FINAL results listed and organized in a separate, easy-to-follow source (old school focusing on things like folders, graphs, tables, etc), which one needs to make sure they actually analyze every month or two so as to pay attention towards important trends. Though in one’s first year or two of business the importance of this is mainly to get a better, more finite understanding of how your sales do from seasonality and other trends.

ON  THE STREET

On the street
On the street

Let’s just go ahead and put it as it is. End of the day, you’re going to have to record the inventory down in-person, at the machine during maintenance and refills. No business own/manager is going to spend any extra time and attention to do your job for you (from their point of view). This means having yourself or whoever you send out to deal with planted machines to note how much has sold since last time. Detailed record-keeping, and having a physical or electronic folder of each machine at each location for review with how much previous sold and then refilled, is pretty much mandatory so as to do this smoothly and accurately.

This can be done with notepads or some technological medium to then be transferred into an excel sheet, whatever initially feels good for you. Though there’s a particular option we’ll mention in a bit that we suggest heavily looking into.

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There are Telemetry or other systems out on the market that one can install into the machines which will tell you, on average, what’s selling out of the machines. However this is often a notably less cost-effective method. Another benefit of this, however, is that it allows you to assemble better, more refined pre-kits (what you’re bringing to refill the machines) at a faster and more efficient production. This as opposed to always bringing an average number of certain products every time, or relying on the area owner/manager to tell you (which, again, you probably shouldn’t).

 

ACCOUNTING FOR SALES

Other guides and people in the business will say that the actual sales and profits, the simple act of collecting your machine money, should be done daily. Though in reality I believe this is rather dependant on your operation; what exact kind of machine do you have,

How well is it actually doing/purchase average, where is it located, how many machine locations do you have? There’s not much use in collecting every day if it only makes a few spare purchases in that period, especially if one only has so many employees and so much time to spend with the business (if not just yourself to go and collect). As the business rolls, locations expand, interest and rate of sales go up along with people you hire on, then this will certainly be a good thought to start considering. One can then use these frequent daily runs to keep semi-track of when a machine next needs a refill, and with what, thus making efficient pre-kits without the need for telemetry systems.

When gathering sales for a period, the method remains simple, just like counting the inventory of a machine. Simply counting out cash and recording; so long as one does it accurately, with separate boxes/envelopes/folders/etc for separate machines, with proper slots for easy tallying of each bill and coin, then you’re golden.

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If the machine accepts Credit Cards (probably best to have one that does in this day and age), you MUST make sure to account for those as well, and do it separate from the cash. This is vital considering the charge these card companies charge for you to accept their card payments, and your accounting entry must reflect this before applying it to the total. Which should first be done to that particular machine, in that period, before being combined with the sales of them all as a whole.

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Andrew

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MOORISH SCHOLARSHIP FUND

NATIONAL PROMOTER OFFICE

J. Wingate-Bey, NP.

ALL RIGHTS RESERVED 2016-17

MOORISH BUSINESS: THE PROJECT pt.2

Moorish Business: GRAND MAJOR TEMPLE

THE PROJECT STATEMENT,  / PT.2

Provide a brief, concise list of what the project is to accomplish. The project objectives are a detailed version of the statement of work. Taken with the statement of work, the objectives. define the boundaries (scope) of the project. The objective statement can also be seen as a decomposition of the statement.

 

Balance Sheet

A balance sheet is a financial statement that summarizes a company’s assets, liabilities and shareholders’ equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by …

Balance Sheet
Balance Sheet

 

 

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Moorish Business-The P&L pt.1

THE MOORISH BUSINESS: THE  P&L  STATEMENT

Pt. 1 GRAND MAJOR TEMPLE

GS. Wm. Marrow-EL, DM, Baltimore, MD
GS. Wm. Marrow-EL, DM, Baltimore, MD

Profit and Loss Statement (P&L)

What is the ‘Profit and Loss Statement (P&L)’
A profit and loss statement (P&L) is a financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year. These records provide information about a company’s ability – or lack thereof – to generate profit by increasing revenue, reducing costs, or both. The P&L statement is also referred to as “statement of profit and loss”, “income statement,” “statement of operations,” “statement of financial results,” and “income and expense statement.”

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BREAKING DOWN ‘Profit and Loss Statement (P&L)’
The profit and loss statement, commonly referred to as the income statement, is one of three financial statements every public company issues quarterly and annually, along with the balance sheet and the cash flow statement. The income statement, like the cash flow statement, shows changes in accounts over a set period of time. The balance sheet, on the other hand, is a snapshot, showing what is owned and owed at a single moment. It is important to compare the income statement with the cash flow statement, since under the accrual method of accounting, revenues and expenses can be logged before cash actually changes hands.

 

The income statement can be used to calculate a number of metrics, including the gross profit margin, the operating profit margin, the net profit margin and the operating ratio. Together with the balance sheet and cash flow statement, the income statement provides an in-depth look at a company’s financial performance and position

 

SEE ALSO NEXT pt.2

An Introduction To The Income Statement

An income statement is a financial statement that reports a company’s financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period.

BREAKING DOWN ‘Income Statement’
Also known as the profit and loss statement or statement of revenue and expense, the income statement is the one of three major financial statements in the annual report and 10-K. All public companies must submit these legal documents to the Securities and Exchange Commission (SEC) and investor public. The other two financial statements are the balance sheet and the statement of cash flows. All three provide investors with information about the state of the company’s financial affairs, but the income statement is the only one that provides an overview of company sales and net income.
Income Statement
Unlike the balance sheet, which covers one moment in time, the income statement provides performance information about a time period. It begins with sales and works down to net income and earnings per share (EPS).
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