[Randy]

My wife and I stopped by Lucky Chen Chinese Restaurant in Paddock Lake, Wisconsin. We stopped by Tuesday but they were closed. We then went there Thursday and had lunch special carry out. Delicious and very clean. We visited Lucky Chen Chinese Restaurant at 11 am once they just opened. Great people. Very clean. And very delicious.

[Randy]

A Profit and Loss (P&L) statement for self-employed mortgage borrowers works similarly to a standard P&L statement used in business accounting. It provides a snapshot of the borrower’s income, expenses, and net profit over a specific period, typically one year. Lenders often require self-employed individuals to submit a P&L statement along with other financial documents when applying for a mortgage.

Here’s how it generally works:

1. Income: The P&L statement starts by listing the borrower’s total income from self-employment. This may include revenue from services rendered, sales of goods, or any other sources of income related to the borrower’s business activities.

2. Expenses: Next, the statement outlines the various expenses incurred in running the business. This could include costs such as materials, utilities, rent, employee wages, insurance, marketing expenses, travel expenses, etc. It’s essential to include all legitimate business expenses to accurately reflect the financial health of the business.

3. Calculating Net Profit or Loss: After listing all income and expenses, the P&L statement calculates the net profit or loss for the period. This is done by subtracting total expenses from total income. If the result is positive, it indicates a net profit, while a negative result indicates a net loss.

4. Adjustments: Sometimes, lenders may require adjustments to the P&L statement to account for non-recurring expenses, depreciation, or other factors that might affect the borrower’s income stability. These adjustments help provide a clearer picture of the borrower’s financial situation.

5. Accuracy and Documentation: It’s crucial for self-employed borrowers to ensure the accuracy of their P&L statements. Lenders may request supporting documentation such as bank statements, invoices, tax returns, and other financial records to verify the information provided in the statement.

6. Impact on Mortgage Approval: Lenders use the P&L statement, along with other financial documents, to assess the borrower’s income stability and ability to repay the mortgage. A strong, consistent income history demonstrated through the P&L statement can strengthen the borrower’s mortgage application.

Overall, the P&L statement for self-employed mortgage borrowers serves as a vital financial document that helps lenders evaluate the borrower’s income and financial stability, ultimately influencing the mortgage approval process.

[Randy]

One thing about former President Donald Trump is he has been consistent on his views and opinions throughout his adult life and career. President Trump earned his money, unlike career politicians like Joe Biden who has never held a real job in his life.

https://www.facebook.com/share/p/47rtDtpE8tN922CU/?mibextid=qi2Omg

facebook.com

Log into Facebook

Log into Facebook to start sharing and connecting with your friends, family, and people you know.

[Randy]

The coronavirus vaccine is not safe. I have family and friends who dropped dead after taki g the COVID-19 VACCINE and had died in their sleep due to blood clots, strokes, eart attacks and other unknowns which could not be explained. Prior to dying they had absolutely no signs of any illness. I will explain more in detail 8i have proof and facts. The media is shrugging this off due to politics but people need to speak up. Depopulation of humans has been premeditated for decades. Here is a clip.to prove how Henry Kizinger is shown in 2009 staring his belief of killing people.