FIGURING THE PROFIT
A small businessman from the old country kept his accounts payable in a cigar box, his accounts receivable on a spindle, and his cash in the cash register. His son said, “I don’t see how you can run your business this way. How do you know what your profits are?” The businessman replied, “Son, when I got off the boat, I had only the pants I was wearing. Today your sister is an art teacher, your brother is a doctor, and you’re an accountant. I have a car, a home and a good business. Everything is paid for. So you add it all up, subtract the pants, and there’s your profit.
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