News Wire: CSX claims first-quarter operating ratio crown

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Posted by Brian Schmidt on Wednesday, May 09, 2018 9:06 AM

CSX Transportation has claimed the industry’s lead in operating ratio by vaulting to first place from its second-to-last position a year ago. The railroad’s closely watched operating ratio was 63.7 percent in the first quarter, down from...

http://trn.trains.com/news/news-wire/2018/05/09-csx-transportation-claims-first-quarter-operating-ratio-crown

Brian Schmidt, Associate Editor Trains Magazine

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Posted by daveklepper on Wednesday, May 09, 2018 9:32 AM

But OR isn't everything.   Lots more business with a slightly higher OR would make investors even happier.

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Posted by BaltACD on Wednesday, May 09, 2018 9:42 AM

Financial ledgerdmain worthy of Harry Houdini - the master of illusions.

         

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Posted by cx500 on Wednesday, May 09, 2018 3:24 PM

It may be significant that the two railroads with the biggest jump in OR are the ones that are dealing with the aftermath of Mr. Harrison's tenure. Just a thought.....

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Posted by kgbw49 on Wednesday, May 09, 2018 7:34 PM

They both had to adopt accounting standards related to pension expense according to their financial report. That accounted for some of the OR increase but not all of it.

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Posted by BaltACD on Wednesday, May 09, 2018 7:56 PM

Figures lie, liars figure.

Give an accountant raw data and what you want the finished reports to show - and they will - good, bad or indifferent - your choice.

         

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Posted by charlie hebdo on Wednesday, May 09, 2018 10:37 PM

BaltACD

Figures lie, liars figure.

Give an accountant raw data and what you want the finished reports to show - and they will - good, bad or indifferent - your choice.

 

And right on schedule comes the Cliche Express.  Next stop, Sour Grapes.

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Posted by Murphy Siding on Thursday, May 10, 2018 1:25 PM

     Crown? Is there a traveling trophy or something?

Thanks to Chris / CopCarSS for my avatar.

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Posted by Miningman on Thursday, May 10, 2018 2:29 PM

It is one of the categories of the Predatory Crony Capitalist trophies (PCC), awarded by august and select Wall Street leaders , in a very secret ceremony in a very secret location,  somewhere in the Hamptons a-la Eyes Wide Shut. Not for us mere peons and mortals. 

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Posted by BaltACD on Thursday, May 10, 2018 3:14 PM

Miningman
It is one of the categories of the Predatory Crony Capitalist trophies (PCC), awarded by august and select Wall Street leaders , in a very secret ceremony in a very secret location,  somewhere in the Hamptons a-la Eyes Wide Shut. Not for us mere peons and mortals. 

Isn't it called the 'Liars Breakfast'!

         

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Posted by charlie hebdo on Thursday, May 10, 2018 4:27 PM

BaltACD

Figures lie, liars figure.

Give an accountant raw data and what you want the finished reports to show - and they will - good, bad or indifferent - your choice.

 

I suspect that any accountants on here might take vigorous exception to that snide remark, or laugh at the apparent ignorance.

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Posted by Miningman on Thursday, May 10, 2018 5:22 PM

Well my accountant, Swifty, always manages to arrive at exactly what I instructed him to do. You want a good accountant let me tell 'ya you cannot get any better than an old Mining executive accountant. 

Simply amazing,,,at one point, a third sit down meeting with an auditor started off by Swifty seriously dressing down the government fella and wondering why exactly they could waste their resources and his and my time on a single individual that is just trying to get by while there were thousands of larger corporations and other things to investigate. Swifty just would not put up with any government crap for a second and had a way with words and tone...he was British...and a bulldog. 

The fella said "you know what, you are right". I recieved a cheque for $33K, already a year late, shortly after. 

He is gone now but Long Live Swifty. 

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Posted by cx500 on Thursday, May 10, 2018 6:17 PM

charlie hebdo
 
BaltACD

Figures lie, liars figure.

Give an accountant raw data and what you want the finished reports to show - and they will - good, bad or indifferent - your choice.

 

 

 

I suspect that any accountants on here might take vigorous exception to that snide remark, or laugh at the apparent ignorance.

 

My dad, who was an accountant and ultimately became a treasurer and vice president of a significant insurance company, used close to the same words as BaltACD wrote.  Obviously there is some exaggeration, and in the long run everything gets completely accounted for.  In the short term, however, there are many completely legitimate ways to defer or advance balance sheet entries by a year or more.  Any accountant will know the possible range available for the finished reports and should keep within them. 

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Posted by BaltACD on Thursday, May 10, 2018 8:04 PM

charlie hebdo
 
BaltACD

Figures lie, liars figure.

Give an accountant raw data and what you want the finished reports to show - and they will - good, bad or indifferent - your choice. 

I suspect that any accountants on here might take vigorous exception to that snide remark, or laugh at the apparent ignorance.

Businesses have many accounting 'buckets' that can be legitmately shown in more than one bigger bucket - how those buckets ultimately get shown in the short run affect the what the short run report will show.  Remember NYC & PRR were paying divedends until the merger - even though both hemmoraging money.

As an aside, by daughter is a licensed CPA in multiple states.  She was doing audits and is now specializing  in taxes.

         

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Posted by charlie hebdo on Friday, May 11, 2018 8:12 AM

BaltACD

 

 
charlie hebdo
 
BaltACD

Figures lie, liars figure.

Give an accountant raw data and what you want the finished reports to show - and they will - good, bad or indifferent - your choice. 

I suspect that any accountants on here might take vigorous exception to that snide remark, or laugh at the apparent ignorance.

 

Businesses have many accounting 'buckets' that can be legitmately shown in more than one bigger bucket - how those buckets ultimately get shown in the short run affect the what the short run report will show.  Remember NYC & PRR were paying divedends until the merger - even though both hemmoraging money.

As an aside, by daughter is a licensed CPA in multiple states.  She was doing audits and is now specializing  in taxes.

 

Again your example is an indication that you do not understand accounting just becuase you worked in dispatching for 50 years.  

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Posted by cx500 on Friday, May 11, 2018 12:30 PM

charlie hebdo
Again your example is an indication that you do not understand accounting just becuase you worked in dispatching for 50 years.

I do not claim to understand accounting, but my father certainly did as proven by his career.  His remark backed up Balt's comment.  Accounting is more than simply bookkeeping, although the two do interact.

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Posted by charlie hebdo on Friday, May 11, 2018 2:39 PM

cx500

 

 
charlie hebdo
Again your example is an indication that you do not understand accounting just becuase you worked in dispatching for 50 years.

 

I do not claim to understand accounting, but my father certainly did as proven by his career.  His remark backed up Balt's comment.  Accounting is more than simply bookkeeping, although the two do interact.

 

My father was comptroller with a large corporation long ago and I understand quite well the differences between bookkeeping and accountancy.  However, on this issue I would defer to an actual expert, PJS1, or whatever the current initials are.

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Posted by Shadow the Cats owner on Friday, May 11, 2018 4:57 PM

I have a driver that buys a new truck for OTR use every 4 years. He has been with my boss for 20 years.  He was in the office today wanting a year to date gross revenues report for his next truck loan.  So I pulled it up for him not a big deal.  I asked him why he needed a direct copy from us for his loan.  He went so the bank knows exactly what I make.  I went why he goes I have 3 set's of book's I use. The first is what the IRS sees each year were I barely make anything at all.  The second is what my ex wife sees thru my Atty showing about the same.  The last one is what my bank sees so if I need anything I can get it. This is for his 3rd set. I'll give him credit he got out of paying alimony to his ex-wife last year based on his cooked books. That and everything he owns technically is owned by his corporate self.

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Posted by zugmann on Friday, May 11, 2018 6:59 PM

Give him credit for being a criminal?  Real nice.

The opinions expressed here represent my own and not those of my employer or any other railroad, company, or person.

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Posted by BaltACD on Friday, May 11, 2018 7:11 PM

zugmann
Give him credit for being a criminal?  Real nice.

All eventualities are supported under the various interpertations of 'generally accepted accounting principles'.  GAAP is what allows book cooking.  If it wasn't for differing interpertations of GAAP there would be very little need for Tax Court to adjudicate the varying interpertations applied to various situations.  Everything would be cut and dried, black and white.

 

         

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Posted by Shadow the Cats owner on Saturday, May 12, 2018 6:16 AM

Well in the last 20 years he has been an O/O with us he has been audited 6 times in those 6 times he has never been charged with a crime never has the IRS found a fault with how he does his taxes or how his books look.  The auditors hate how he justifies some of his expenses but he always has a reciept to back up the claim so their hands are tied.  This man gets a reciept for anything he buys for his truck at all times when he is home.  Why so he can deduct the mileage his personal car got on it going to get the parts.  All 100% legal in the eyes of the IRS.  

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Posted by Euclid on Saturday, May 12, 2018 10:58 AM

Shadow the Cats owner

Well in the last 20 years he has been an O/O with us he has been audited 6 times in those 6 times he has never been charged with a crime never has the IRS found a fault with how he does his taxes or how his books look.  The auditors hate how he justifies some of his expenses but he always has a reciept to back up the claim so their hands are tied.  This man gets a reciept for anything he buys for his truck at all times when he is home.  Why so he can deduct the mileage his personal car got on it going to get the parts.  All 100% legal in the eyes of the IRS.  

 

If it is all legal, why does he need three sets of books?

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Posted by BaltACD on Saturday, May 12, 2018 11:28 AM

[quote user="Euclid"] 

Shadow the Cats owner

Well in the last 20 years he has been an O/O with us he has been audited 6 times in those 6 times he has never been charged with a crime never has the IRS found a fault with how he does his taxes or how his books look.  The auditors hate how he justifies some of his expenses but he always has a reciept to back up the claim so their hands are tied.  This man gets a reciept for anything he buys for his truck at all times when he is home.  Why so he can deduct the mileage his personal car got on it going to get the parts.  All 100% legal in the eyes of the IRS.   

If it is all legal, why does he need three sets of books?[/quote]

If you have to ask the question you are beyond understanding the reasons.

         

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Posted by zugmann on Saturday, May 12, 2018 11:36 AM

BaltACD
If you have to ask the question you are beyond understanding the reasons.

 Oh well, hope the company he O/Os for is good at checking their books.

The opinions expressed here represent my own and not those of my employer or any other railroad, company, or person.

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Posted by Euclid on Saturday, May 12, 2018 11:42 AM

BaltACD

Euclid
 
Shadow the Cats owner

Well in the last 20 years he has been an O/O with us he has been audited 6 times in those 6 times he has never been charged with a crime never has the IRS found a fault with how he does his taxes or how his books look.  The auditors hate how he justifies some of his expenses but he always has a reciept to back up the claim so their hands are tied.  This man gets a reciept for anything he buys for his truck at all times when he is home.  Why so he can deduct the mileage his personal car got on it going to get the parts.  All 100% legal in the eyes of the IRS.   

If it is all legal, why does he need three sets of books?

If you have to ask the question you are beyond understanding the reasons.

 

It was a rhetorical question, so I really don’t need an answer.  Shadow the Cats Owner referred to “cooking the books” which Investopedia defines this way:

"Cook the books is an idiom describing fraudulent activities performed by corporations in order to falsify their financial statements. Typically, cooking the books involves augmenting financial data to yield previously nonexistent earnings." 

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Posted by BaltACD on Saturday, May 12, 2018 12:26 PM

Euclid
 
BaltACD
 
Euclid
 Shadow the Cats owner

Well in the last 20 years he has been an O/O with us he has been audited 6 times in those 6 times he has never been charged with a crime never has the IRS found a fault with how he does his taxes or how his books look.  The auditors hate how he justifies some of his expenses but he always has a reciept to back up the claim so their hands are tied.  This man gets a reciept for anything he buys for his truck at all times when he is home.  Why so he can deduct the mileage his personal car got on it going to get the parts.  All 100% legal in the eyes of the IRS.   

If it is all legal, why does he need three sets of books? 

If you have to ask the question you are beyond understanding the reasons. 

It was a rhetorical question, so I really don’t need an answer.  Shadow the Cats Owner referred to “cooking the books” which Investopedia defines this way:

"Cook the books is an idiom describing fraudulent activities performed by corporations in order to falsify their financial statements. Typically, cooking the books involves augmenting financial data to yield previously nonexistent earnings." 

Books get cooked for whatever dish the cook wants to serve.  The dishes are as varied as the persons to whom the dishes are served, gain favor with their individual tastes.

         

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Posted by Euclid on Saturday, May 12, 2018 2:44 PM

Of course books get cooked.  The point is that it is not "100% legal," as was stated above.  Cooking books = less than 100% legal.

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Posted by jeffhergert on Saturday, May 12, 2018 3:18 PM

Euclid

Of course books get cooked.  The point is that it is not "100% legal," as was stated above.  Cooking books = less than 100% legal.

 

According to some definitations.  Myself, I include in the definition legal ways allowed to manipulate numbers.  Legal doesn't necessarily equate ethical.

I'm not surprised that sites dealing with investing and business would only want the strictist definition, that only illegal manipulation fits.

Jeff 

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Posted by Miningman on Saturday, May 12, 2018 3:27 PM

The ongoing NAFTA negotiations have the USA claiming a trade deficit with Canada and Canada claims a trade deficit with the USA. 

Somebody is cooking something, probably on both sides. 

The contention seems to be over whether 'services' should be included along with hard items like metals and lumber. 

So it all depends on the way you look at it. 

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Posted by Murphy Siding on Saturday, May 12, 2018 3:32 PM

Euclid

 

 
BaltACD

 

 
Euclid
 
Shadow the Cats owner

Well in the last 20 years he has been an O/O with us he has been audited 6 times in those 6 times he has never been charged with a crime never has the IRS found a fault with how he does his taxes or how his books look.  The auditors hate how he justifies some of his expenses but he always has a reciept to back up the claim so their hands are tied.  This man gets a reciept for anything he buys for his truck at all times when he is home.  Why so he can deduct the mileage his personal car got on it going to get the parts.  All 100% legal in the eyes of the IRS.   

If it is all legal, why does he need three sets of books?

 

If you have to ask the question you are beyond understanding the reasons.

 

 

 

It was a rhetorical question, so I really don’t need an answer.  Shadow the Cats Owner referred to “cooking the books” which Investopedia defines this way:

"Cook the books is an idiom describing fraudulent activities performed by corporations in order to falsify their financial statements. Typically, cooking the books involves augmenting financial data to yield previously nonexistent earnings." 

 

Why ask rhetorical questions?

Thanks to Chris / CopCarSS for my avatar.

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