The Clinton chronicle. (Clinton, S.C.) 1901-current, January 15, 1970, Image 16
I
2-C—THE CHRONICLE, Clinton, S. C., Jan. 15, 1970
Minding Your Business'
First-Year
^ Options
• (Editor's Note: This is the first
te a series of columns by John
£ Sutherland of Clinton. Mr.
Sutherland is a certified public
accountant and his columns are
designed to enlighten Chronicle
readers about accounting and tax
mijtters which they may face in
t&feir everyday lives.)
%
accounting, however, a taxpayer
reports all income that has been
earned or sales charged to the
customer and deducts all expens
es incurred whether paid that
year or later.
BY JOHN J. SUTHERLAND
: Certified Public Accountant
ithoose your method of ac
counting carefully when starting
aihew business. You may have to
life with it for some time.
-J shall endeavor here to high
light a few first-year options a-
vgllable to new businesses. For
a'iaxpayer starting a new busi
ness during the year, the method
of accounting is very important
a$d the one chosen can greatly
affect his taxable income for
the first year and all subsequent
years. Generally, having chosen a
certain method of accounting, this
method cannot be changed with
out permission from the Internal
Revenue Service.
Under the hybrid method, gen
erally sales and costs of sales
are reported on the accrual basis
and expenses are reported on the
cash basis; that is, sales made
and charged to a customer are
reported as income and all costs
of sales deducted whether or not
paid. However, operating ex
penses including labor, interest
or anything else, generally are
not deducted until paid. The In
ternal Revenue Service, however,
usually accepts any hybrid me
thod so long as it is followed
consistently.
most of his expenses in cash,
should choose the cash method
of reporting income. This way he
can defer paying income tax until
he has received payment for his
sales or services but can deduct
all expenses that have been paid.
It should be noted that these ex
penses can be deducted even
though the taxpayer had to bor
row the money with which to pay
them. The advantages and dis
advantages of a hybrid method
would have to be considered
in each individual case and can
not be generalized here. A tax
payer, of course, has until the
return is filed to make these de
cisions. Once the return has been
filed the method chosen is gen
erally binding upon that year and
all future years.
Ridgell Named
Area Alcoholism
Representative
E.C. Ridgell Jr., has been na
med by the South Carolina Com
mission on Alcoholism as its
representative for Laurens
county.
Other first-year options will be
discussed in future columns.
A native of Batesburg, Mr.
Ridgell received a B.S. degree
from Wofford College and is a
graduate of the Southeastern
School of Alcohol studies at the
University of Georgia. Prior to
joining the staff of the Commis
sion in 1969 as Educational Re
presentative , he was associated
with the Division of Disease
Control of the State Board of
Health.
Self Foundation
Gives $377,000
The Self Foundation made
grants of $377,500 inl969toedu-
dational and medical institutions,
churches, research, and other
organizations, the Board of
Trustees announced.
' The three basic methods of ac
counting are the cash method,
accrual method, and a hybrid me-
ti)Od which is a combination of
tBe first two. Under the cash
method, a taxpayer reports only
such income as has been re
ceived or constructively received
ia cash during the taxable year
and deducts only those expenses
which have been paid. This me
thod is not available to any tax
payer who has inventories which
would become a significant item
in determine income.
Under the accrual method of
A businessman may readily see
that depending upon his particular
type of business one method may
be highly favorable over another,
but the decision must be made the
first year as permission to
change cannot be assured. Ob
viously, a businessman who re
ceives most of his sales in cash
but has lines of credit so that
his expenses are not paid until
perhaps the following year should
in all probability choose the ac
crual method. Otherwise, he will
find himself reporting his cash
income and not being able to
deduct his expenses until the
following year. However, a busi
nessman who has rendered ser
vices during the year but will not
be paid for these services until
the following year and has paid
A total of 55.4 percent of the
grants went to beneficiaries in
Greenwood County.
“Emphasis is being placed on
the utilization of existing agen
cies in communities throughout
the State”, D.C, Mason, Jr.,
Chairman of the Commission said
today. “Only in this way can we
be assured that some service is
available to any alcoholic seek-
referral. With provisions made
by the General Assembly to con
struct an addiction center in Col
umbia, the need is even greater
for a complete range of referral
and follow-up resources in the
local community.”
The largest category of bene
ficiaries were schools and col
leges, who received $':83,000.
Both independent and state-sup-
ported institutions were included.
Lander College here received
$50,000.
As representative for this
area, Mr. Ridgell’s responsibi
lities are to aid in the develop
ment of local programs of assis
tance to the alcoholic and his
family, serve as liaison between
existing programs and the Com
mission, and to offer assistance,
information, and service to the
community when requested.
Hospitals and related research
was the second largest category,
with grants amounting to $120,-
090. Other grants included
YMCA’s, who received $40,000,
churches, who received $31,500,
and various others, a total of
$3,000.
Fish Out of Water
XSJiwn’s
Women's Acrylic Skirts
2.86
REG.
3.86
Bonded acrylic A-line and slims . .
your choice of colors ... all sizes.
Roll Sleeve Blouses
REG.
96c
Prints and solids with your choice
collar styles . . sizes 32 thru 38
Flannel Gowns
or Pajamas
REG.
1.96
Granny style gowns and long pa
jamas in pink, blue and maize.
Women's T-Shirts
77c
F Cotton knit basic solids and
L stripes . . . S-M-L sizing.
Spillers Again
Flying No. 220
(Editor’s Note: The following
article appeared in the Takhli
Times in Thailand where Lt.
Col. Jack C. Spillers of Clinton
is stationed. He is the son of
the Rev. and Mrs. J. W. Spillers.
Rev. Spillers is pastor of Cal
vary Baptist Church.)
try sitting in North Vietnam in
the middle of the bad guys, wait
ing for the rescue helicopters to
come to get you out."
BY CART. SCOTT DUNCAN
When Lt. Col. Jack C. Spillers
flew his first mission here, he
felt he was “back in the saddle
again.”
After some time in the hospi
tal at Clark AB, Colonel Spill
ers returned to Korat and flew
another 54 missions to complete
his combat tour of 100. Returning
to the United States, he was as
signed at the Pentagon where he
worked in the Plans Directorate
until reassigned to Takhli and the
355th Tactical Fighter Wing.
A distinctive feature of the
climbing perch, a fish native
to Asia and Africa, is that it
possesses special breathing
equipment which permits it
to leave the water and jour
ney overland in quest of a
new place to live
“On my first tour in Thailand,
I was asigned an F-105 number
220. That was the bird I flew
on my last mission from Korat
(RTAFB). And when I got here,
220 was the plane I flew on my
first mission at Takhli
(RTAFB).”
“I planned to come back to the
F-105 during my entire tour at
the Pentagon. It’s a great airplane
and the thing I like most about
it is that its crew is limited in
size. Either you’re all alone or
it’s just you and your back-seat-
er. That’s a good feeling.”
Colonel Spillers, a 15-year Air
Force veteran from Clinton, S. C.
came to Thailand initailly in Dec
ember of 1966. At that time he
was assigned to the 469th Tacti
cal Fighter Squadron of the Ko
rat based 388th Tactic Fighter
Wing.
“I only stayed at Korat until
August of 1967, but I did manage
to have a busy and interesting
year while I was there,” Col.
Spillers said.
And how does it feel to be
back in 220 again? “Great, just
great. The only problem is that
the plane belongs to the 333rd
Tactical Fighter Squadron while
I'm a member of the 357th. But
I have a feeling that I’ll get that
airplane over in our outfit some
how,” Colonel Spillers noted.
The “busy and interesting year
...” included flying 100 mis
sions over North Vietnam, being
shot down on Easter Sunday, 1967
and winning a Silver Star and two
Distinguished Flying Crosses.
And if he does, an F-105 will
once again carry a picture of an
Aladen’s lamp with a cloud of
smoke and a genie coming out the
spout. The reason for the unusual
design. “Simple, My wife’s name
is Jean, so 220 was known as
the "I dream of Jeanie.” With
a little luck, it’ll be called that
again!”
“I don’t think I’ll ever see
another Easter without thinking
about March 26, 1967. We were
flying just north of the Demili
tarized Zone, when I was hit and
had to bail-out. If you want to know
what the word ionelv’ means.
Industrial unions, some
times called vertical unions,
include all workers in the in-
d us try. regardless of the
particular kind of work they
might do The United Mine
Workers is an example of an
industrial union.
WINS CONTEST—Frances Brock of Joanna, dis
tributor of Vanda Beauty Counselor, was presented
a new 1970 Ford Galaxy as a prize for sales
achievement and work by her counselors. Also
shown above is William C. Patterson of Laurens.
\&izcn , £
SETA
OGRAPH
OF YOUR CHILD
Living
Color
8x10
Satisfaction
guaranteed
h
PLUS 50t
FILM CHARGE
Two Days Only
FRIDAY AND SATURDAY
January 16th and 17th
Hours: 10 Til 1 — 2 Til 5:00
Friday Night Til 7:00
• NO APFOINTMINT NBBOBO • MLKTION OB SCWRAL
fOIIS • SAIUM AND CHILOIIN Uf TO 1$ YIAftS OB AOI
• BOSTSAIT DILIVIMD AT STOII A BIW DAYS AFT!ft TAKIN
• SATMBACTION OOAftANTftftD • GROUP! |1jM BSft CHILD
CLINTON PLAZA SHOPPING CENTER
HIGHWAYS 56 AND 72.
COL. SPILLEHS WITH F-105
Require Agents' Identification
Taxpayers here should watch
out for unscrupulous individuals
posing as IRS employees to ex
tort money on the pretense of
satisfying unpaid taxes, H.M. Mc
Leod, District Director of In
ternal Revenue for South Caro
lina, cautioned.
McLeod said all bonafide em
ployees of the Internal Revenue
Service who contact the public
carry distinctive identification.
Ask to see these credentials if
the person who claims to be an
IRS employee approaches you and
does not identify himself.
REPORT OF CONDITION OF
M. S. Bailey & Son, Bankers
of Clinton, in the State of South Carolina,
and Domestic Subsidiaries at the close of business
on December 31. 1969
ASSETS
Cash and due from banks
U. S. Treasure securities
Securities of other U. S. government
agencies and corporations
Obligations of States and
political subdivisions
.< 2.525,253.9Z
. 3,004.388.4*
.500,000.1 lo
2.372.250.31
Federal funds sold and securities
purchased under agreements to resell
Other loans
SOO.fHMViM)
<•>.743.099 71
Bank premises, furniture and fixtures,
and other assets representing
bank premises
351.209 S'!
Real estate owned other than
bank premises
Other assets
1.00
180.(131 73
TOTAL ASSETS
$18,182,298.02
LIABILITIES
Demand deposits of individuals,
partnerships and corporations
$ 9,094.29-1.09
Time and savings deposits of individuals.
partnerships and corporations 5.00(4.437.98
Deposits of U. S. Government
Deposits of States and political
subdivisions
400,074.32
Certified and officers’ (hecks, etc.
TOTAL DEPOSITS $15,950,412.52
(a) Total demand
deposits $10,176,707.39
1.324,921.92
70.684 21
(b) Total time and'
savings deposits
Other liabilities
$ 5.173.705.13
131.144.82
TOTAL LIABILITIES
$16,081,557.34
RESERVES ON LOANS AND SECURITIES
Reserve for bad debt losses on loans
(Set up pursuant to Internal Revenue
Service Rulings) $ 147,.557.35
TOTAL RESERVES ON LOANS
AND LIABILITIES
$ 147.557.35
C APITAL ACCOUNTS
Equity capital, total
_$ 1.953.183.33
Common stock—total par value
(No shares authorized, 10,000)
Surplus
1.000,000.00
Undivided profits
250,000.00
_ 703.183.33
TOTAL CAPITAL AU’OUNTS
$ 1,953.183.33
TOTAL LIABILITIES, RESERVES,
AND CAPITAL ACCOUNTS
$18,182,298.02
MEMORANDA
Average of total deposits for the 15 cal
endar days ending with call date
Average of total loans for the 15 cal
endar days ending with call date
Unearned discount on instalment loans
included in total capital accounts
$16,567,650.07
6.685,729.44
75,940.79
I, Charles T. Copley, Assistant Vice-President of
the above-named bank, do solemnly swear that this re
port of condition is true and correct, to the best of my
knowledge and belief.
CHARLES T. COPLEY
Correct: Attest—James Von Hollen, Robert M.
Vance, George H. Cornelson, W. C. Neely, Directors.
State of South Carolina, County of Laurens, sa:
Sworn to and subscribed before me this twelfth day
of January, 1970, and I hereby certify that I am not
an officer or director of this bank.
ELANDA W. HOLLEY, Notary Public
My commission expires On November 14, 1979.
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