SAMPLE FINANCIAL STATEMENTS - JLM Risk Management

XYZ CONSTRUCTION CO., INC. FINANCIAL STATEMENTS DECEMBER 31,20X1

SAMPLE FINANCIAL STATEMENTS

ACCOUNTANTS' REVIEW REPORT

FINANCIAL STATEMENTS Balance Sheet Statement of Income and Retained Earnings Statement of Cash Flows Notes to Financial Statements

SUPPLEMENTAL INFORMATION Schedules of Earnings from Contracts and Contract Costs Schedules of General and Administrative Expenses and Other (Income) Expense Schedule of Contract Revenues, Costs and Profits

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JONES, HENLE . SCHUNCK

The Board of Directors XYZ Construction Co. Inc. Danville and Irvine, California

THOMAS N. HENLE. CPA KARL E. SCHUNCK, CPA JOHN S. PALMER, CPA MICHAEL R. HUHN, CPA JAMES F. KEPKE, CPA CRAIG A. CLEVELAND, CPA GLEN A. THOMAS, CPA CHRISTOPHER D. YORK. CPA

We have reviewed the accompanying balance sheet of XYZ Construction Co., Inc. as of December 31, 20x1 and the related statements of income and retained earnings, and cash flows for the year 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 financial statements is the representation of the management of XYZ Construction Co., Inc.

A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression 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 the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.

Our review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The supplemental information accompanying the financial statements is presented only for supplementary analysis purposes and has been subjected to the inquiry and analytical procedures applied in the review of the basic financial statements. We did not become aware of any material modifications that should be made thereto.

JONES, HENLE & SCHUNCK An Accountancy Corporation

February 22,20XX

XYZ Constructio~Ct o., Inc. is afictitious entity. The accounts and balances have been developed for illustrative purposes. -

135 TOWN 8z COUNTRY DRIVE P.O. BOX 9500 DANVILLE, CA 94526 (925) 820-1821 FAX (925) 820-8266 E-Mail jhscpa@

Soritl~emCalifor~ziaofice in Orange (714)978-1800

XYZ CONSTRUCTION CO., INC. BALANCE SHEET

DECEMBER 31,20X1

CURRENT ASSETS Cash Contract receivables Costs and estimated earnings in excess of billings on uncompleted contracts Other assets

Total current assets

EQUIPMENT - net

TOTAL ASSETS

ASSETS

LMILITIES AND STOCKHOLDERS' EQUITY

CURRENT LMILlTIES Accounts payable Line of credit Billings in exc.ess of costs and estimated earnings on uncompleted contracts Accrued expenses Income taxes payable Current portion of notes payable Deferred income taxes

Total current liabilities

NOTES PAYABLE - less current portion

NOTE PAYABLE - STOCKHOLDER

Total liabilities

STOCKHOLDERS' EQUITY Capital stock Additional paid-in capital Retained eamings

Total stockholders' equity

TOTAL LLABLLITIES AND STOCKHOLDERS' EQUITY

426,496 $ 1,170,660

(See accountants' review report and accompanying notes to financial statements)

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XYZ CONSTRUCTION CO., INC. STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED DECEMBER 31,20X1

CONTRACT REVENUES CONTRACT COSTS GROSS PROFIT

GENERAL AND ADMINISTRATIVE EXPENSES

OPERATING INCOME

OTHER EXPENSE - net

INCOME BEFORE PROVISION FOR INCOME TAXES PROVISION FOR INCOME TAXES NET INCOME RETAINED EARNINGS, beginning of year RETAINED EARNINGS, end of year

(See accountants' review report and accompanying notes to financial statements)

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