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SAMPLE CONSTRUCTION COMPANY FINANCIAL …

SAMPLE CONSTRUCTION COMPANY . FINANCIAL STATEMENT AND. SUPPLENTARY INFORMANTION. For the Year Ended December 31, 2011. The FINANCIAL statement, prepared by an independent Certified Public Accountant, is essential for bonding purposes. It should answer all of the surety's questions regarding the FINANCIAL health of the COMPANY , as well as disclose contingencies, guarantees, and other items that may not be reflected on the various statements. If the surety knows the CPA understands the CONSTRUCTION industry, the FINANCIAL statement will enhance the contractor's bonding line due to the increased reliability of the information presented.

sample construction company . financial statement and . supplentary informantion . for the year ended . december 31, 2011

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Transcription of SAMPLE CONSTRUCTION COMPANY FINANCIAL …

1 SAMPLE CONSTRUCTION COMPANY . FINANCIAL STATEMENT AND. SUPPLENTARY INFORMANTION. For the Year Ended December 31, 2011. The FINANCIAL statement, prepared by an independent Certified Public Accountant, is essential for bonding purposes. It should answer all of the surety's questions regarding the FINANCIAL health of the COMPANY , as well as disclose contingencies, guarantees, and other items that may not be reflected on the various statements. If the surety knows the CPA understands the CONSTRUCTION industry, the FINANCIAL statement will enhance the contractor's bonding line due to the increased reliability of the information presented.

2 The following is a FINANCIAL statement prepared to maximize both bonding and banking lines. TABLE OF CONTENTS. PAGES. Independent Accountant's Review Report on the FINANCIAL Statements (The Representation of Management)..1. FINANCIAL Statements Balance Statement of Operations and Retained Statement of Cash Notes to the FINANCIAL Supplementary Data Schedule 1-Summary of CONSTRUCTION Schedule 2-Schedule of Completed Schedule 3-Schedule of Contracts in Schedule 4-Schedule of Revenues Schedule 5-General and Administrative INDEPENDENT ACCOUNTANT'S REVIEW REPORT.

3 The Shareholder and Board of Directors of SAMPLE CONSTRUCTION COMPANY Phoenix, Arizona I have reviewed the accompanying balance sheet of SAMPLE CONSTRUCTION COMPANY as of December 31, 2011 and the related statements of operations and retained earnings and cash flows for the year then ended. A review includes primarily applying analytical procedures to management's FINANCIAL data and making inquiries of management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the FINANCIAL statements as a whole.

4 Accordingly, I do not express such an opinion. Management is responsible for the preparation and fair presentation of the FINANCIAL statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the FINANCIAL statements. My responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

5 Those standards require me to perform procedures to obtain limited assurance that there are no material modifications that should be made to the FINANCIAL statements. I believe that the results of my procedures provide a reasonable basis for my report. Based on my review, I am not aware of any material modifications that should be made to the accompanying FINANCIAL statements in order for them to be in conformity with generally accepted accounting principles generally accepted in the United States of America.

6 My review was made for the purpose of expressing a conclusion that there are no material modifications that should be made to the FINANCIAL statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. The information included in the accompanying Schedules 1 through 5 is presented only for purposes of additional analysis and has been subjected to the inquiry and analytical procedures applied in the review of the basic FINANCIAL statements, and I am not aware of any material modifications that should be made to such data.

7 THESE FINANCIAL STATEMENTS HAVE BEEN PREPARED ONLY FOR EDUCATIONAL. PURPOSES!!! March 10, 2012. -1- SAMPLE CONSTRUCTION COMPANY . BALANCE SHEET. (See Independent Accountant's Review Report). December 31, 2011. ASSETS. Current assets (Note 1). Cash and cash equivalents (Notes 1 and 2) $ 385,000. Contracts receivable (Notes 1, 2 and 3) 1,540,000. Costs and estimated earnings in excess of billings on uncompleted contracts (Notes 1 and 4) 15,000. Salary advances due from employees 4,000. Note receivable, shareholder (Note 7) 5,000.

8 Prepaid items 31,000. Total current assets $ 1,980,000. Property and equipment, net of accumulated depreciation and amortization (Notes 1 and 5) $ 250,000. Other assets Note receivable, shareholder (Note 7) $ 57,000. Total assets $ 2,287,000. The Notes to the FINANCIAL Statements are an integral part of this Statement. LIABILITIES. Current liabilities (Note 1). Accounts payable, including retention of $45,000 $ 450,000. Billings in excess of costs and estimated earnings on uncompleted contracts (Notes 1 and 4) 150,000.

9 Current portion of long-term debt (Note 9) 75,000. Accrued liabilities Insurance payable 40,000. Bonuses and payroll taxes payable 90,000. Sales tax payable 35,000. Deferred income taxes payable (Notes 1 and 8) 87,000. Total current liabilities $ 927,000. Long-term debt (Note 9). Note payable $ 300,000. Less current portion above -75,000. Total long-term debt $ 225,000. Deferred income taxes (Notes 1 and 8) $ 25,000. Total liabilities $ 1,177,000. Commitments (Note 6) $ - STOCKHOLDER'S EQUITY. Capital stock Authorized 1,000,000 shares of common stock, no par value, 9,804 shares issued, 4,804.

10 Shares outstanding $ 50,000. Additional paid-in capital 110,000. Retained earnings 950,000. Total stockholder's equity $ 1,110,000. Total liabilities and stockholder's equity $ 2,287,000. -2- SAMPLE CONSTRUCTION COMPANY . STATEMENT OF OPERATIONS AND RETAINED EARNINGS. (See Independent Accountant's Review Report). For the Year Ended December 31, 2011. Contract revenues earned (Note 1) $ 11,000,000. Cost of revenues earned (Note 1) -9,300,000. Gross profit $ 1,700,000. General and administrative expenses (Note 1) -1,099,000.


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