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Transcript of SampleFinancialReport_1
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To the Board of Directors
Item/List test company1103 Fairlight Ave.Sedona, AZ 85090
We have reviewed the accompanying balance sheet of Item/List test company as of December31, 2009, and the related statements of operations and cash flows for the 12 months then ended,in accordance with Statements on Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants. All information included in these financialstatements is the representation of the management of Item/List test company.
A review consists principally of inquires of Company personnel and analytical procedures appliedto financial data. It is substantially less in scope than an audit in accordance with auditingstandards generally accepted in the United States of America, the objective of which is theexpression of an opinion regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.
Based on our review, we are not aware of any material modifications that should be made to theaccompanying financial statements in order for them to be in conformity with accountingprinciples generally accepted in the United States of America.
June 18, 2009
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AccrualItem/List test company
BALANCE SHEETAs of December 31, 2009
31-Dec-09
CURRENT ASSETS
Bank ToEdit (1,211.96)$Bank Level 0 4,706.00
Bank of Anycity 318,505.85
Acct Recv 3 140.00
Acct Recv 2 190.00
Accounts Receivable 82,127.23
Employee Advances (1,517.00)
Inventory Asset 144,617.59
Undeposited Funds 20,842.06
Total Current Assets 568,399.77
PROPERTY AND EQUIPMENT
Fixed Assets 37,285.00
Total Property and Equipment 37,285.00
OTHER ASSETS
Other Asset (6,102.80)
Total Other Assets (6,102.80)
TOTAL ASSETS 599,581.97$
31-Dec-09
CURRENT LIABILITIESAcct Payable 3 130.00$
Acct Payable 2 (411.00)
Accounts Payable 37,185.00
Card of Credit 22,334.59
ToIncome 38.00
Payroll Liabilities 25,853.69
Sales Tax Payable 4,577.40
Total Current Liabilities 89,707.68
LONG-TERM LIABILITIES
Long Term Liability 32,474.00
Total Long-Term Liabilities 32,474.00
Total Liabilities 122,181.68
STOCKHOLDERS' EQUITY
Equity Inactive 800.00
Opening Bal Equity 352,520.00
Owner's Capital 420.00
Retained Earnings 118,333.29
Net Income 4,327.00
ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
See Accountant's Compilation Report Page 1 of 2
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AccrualItem/List test company
BALANCE SHEETAs of December 31, 2009
Total Stockholders' Equity 476,400.29
Statement Out of Balance 1,000.00
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 599,581.97$
See Accountant's Compilation Report Page 2 of 2
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The following graph compares the Current Assets on the Balance Sheet. You can create custom charts like this one for any
statements in the Financial Report. You have complete control over the layout and text on the page.
Current Asset Distribution
$(50,000.00)
$0.00
$50,000.00
$100,000.00$150,000.00
$200,000.00
$250,000.00
$300,000.00
$350,000.00
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Acct
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Acct
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Acco
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Rec
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Employ
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Inve
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Unde
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AccrualItem/List test company
INCOME STATEMENT12 Months Ended December 31, 2009
12 months ended
Dec 31, 2009
12 months ended
Dec 31, 2008
REVENUE
Income Level 0 99.00$ 0.00$
Uncategorized Income 3,344.00 618.00Accounting Services 229.00 0.00
Billing Adjustments (30.00) 0.00
Consulting 0.00 19,544.13
Tax Services 43.00 300.00
Total Revenue 3,685.00 20,462.13
COST OF GOODS SOLD
Cost of Goods Sold 0.00 892.98
Total Cost of Goods Sold 0.00 892.98
Gross Profit 3,685.00 19,569.15
OPERATING EXPENSES
Uncategorized Expenses (301.00) (300.00)
Amortization Expense (368.00) 0.00
Automobile Expense 10.00 0.00
Bank Service Charges (32.00) 250.00
Cash Discounts 176.00 0.00
Commission (44.00) 0.00
Contributions 20.00 0.00
Depreciation Expense 24.00 0.00
Equipment Rental (12.00) 0.00
Insurance 73.00 0.00
Practice Development 201.00 0.00
Telephone (351.00) 0.00
Total Operating Expenses (604.00) (50.00)
Operating Income (Loss) 4,289.00 19,619.15
OTHER INCOME
Interest Income 38.00 0.00
Total Other Income 38.00 0.00
OTHER EXPENSES
Total Other Expenses 0.00 0.00
Income (Loss) Before Income Taxes 4,327.00 19,619.15
Income Tax
Net Income (Loss) 4,327.00$ 19,619.15$
See Accountant's Compilation Report Page 1 of 1
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AccrualItem/List test company
STATEMENT OF CASH FLOWS12 Months Ended December 31, 2009
12 months ended
Dec 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOMENet Income (Loss) 4,327.00$
Total Net Income 4,327.00
ADJUSTMENTS TO NET INCOME
Adjustments to reconcile Net Income (Loss) to net Cash:
(Increase) Decrease in:
Accounts Receivable (5,023.92)
Inventory Asset (518.00)
(Increase) Decrease in:
Accounts Payable (11,849.00)
Card of Credit 6,388.00
Payroll Liabilities 45.00
Total Adjustments (10,957.92)
Net Cash Provided By (Used In) Operating Activities (6,630.92)
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed Assets (1,152.00)
Other Asset 5,673.34
Net Cash Provided By (Used In) Investing Activities 4,521.34
CASH FLOWS FROM FINANCING ACTIVITIES
Long Term Liability (79.00)
Owner's Capital 248.00
Net Cash Provided By (Used In) Financing Activities 169.00
NET INCREASE (DECREASE) IN CASH (1,940.58)
CASH AT BEGINNING OF PERIOD
Cash at Beginning of Period 344,782.53
Total Cash at Beginning of Period 344,782.53
CASH AT END OF PERIOD 342,841.95$
See Accountant's Compilation Report Page 1 of 1
