FINANCIAL STATEMENTS For FANCY TECHNOLOGIES LIMITED …
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FINANCIAL STATEMENTS For
FANCY TECHNOLOGIES LIMITED For year ended JULY 31, 2013
A review engagement is one of three types of reports an accountant can issue to accompany your financial statements. The other two are an independent audit report or a notice to reader.
REVIEW ENGAGEMENT REPORT
To the shareholders of FANCY TECHNOLOGIES LIMITED
The report is one of the key parts in a set of financial statements where an external accountant has been involved. This tells you the level of scrutiny that has been applied to them.
We have reviewed the balance sheet of Fancy Technologies Limited as at July 31, 2013 and the statements of income and retained earnings and cash flows for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and accordingly consisted primarily of inquiry, analytical procedures and discussion related to information supplied to us by the company.
A review does not constitute an audit and consequently we do not express an audit opinion on these financial statements.
Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in all material respects, in accordance with Canadian accounting standards for private enterprises.
Generally Accepted Accounting Principles (GAAP) is the common language and criteria in accounting, which make financial statements understandable and comparable.
Chartered Accountants Licensed Public Accountants
Place _______________ Date _______________
Page 1 of 10
The balance sheet is one of the key financial statements.
FANCY TECHNOLOGIES LIMITED (Incorporated under the laws of Ontario)
BALANCE SHEET JULY 31, 2013
ASSETS
2013
2012
CURRENT ASSETS Cash Accounts receivable Investment tax credits receivable Inventories (note 2) Prepaid expenses
INVESTMENT IN XYZ LTD. (note 2)
$ 225,000 280,000 89,939 47,500 7,000 649,439
$ 110,000 295,000 87,175 38,500 6,000 536,675
10
10
EQUIPMENT AND SOFTWARE (note 4)
115,620
INTANGIBLE ASSETS (note 5)
Some assets have very specific criteria that dictate if they can be recorded and the value that is attributed to them.
1,600
$ 766,669
LIABILITIES AND SHAREHOLDERS' EQUITY
173,600 2,000
$ 712,285
CURRENT LIABILITIES Accounts payable and accrued liabilities Government remittances payable
If you receive funds and do not meet the revenue recognition criteria, a
Deferred revenue Current portion of loan payable (note 6)
deferred revenue must be recorded.
Owing to shareholder (non-interest bearing and due on demand)
LOAN PAYABLE (note 6)
If you pay for corporate expenses personally, you should record it as a payable. This is money the corporation owes you.
$ 88,825 25,000
75,000 28,000
216,825
$ 95,000 27,000
100,000 12,000 10,000
244,000
216,825
75,000 319,000
SHAREHOLDERS' EQUITY Capital stock (note 8)
155,000
160,000
Retained earnings
394,844 549,844
233,285 393,285
$ 766,669 $ 712,285
Approved by the Board:
MRS. X . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Director
(See accompanying notes) PREPARED WITHOUT AUDIT
Page 2 of 10
FANCY TECHNOLOGIES LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED JULY 31, 2013
Revenue
Expenses Advertising and promotion Amortization of tangible assets Amortization of intangible assets Bad debt expense Interest on long-term debt Office expenses Professional fees Rental Repairs and maintenance Salaries and wages research and development (note 9) Salaries and wages sales and administration Salaries and wages solutions implementation (note 10) Supplies Income before income taxes
Income taxes
Net income
Retained earnings (deficit), beginning of year
Dividends
Retained earnings, end of year
2013 $ 1,014,500
2012 $ 993,000
3,000 67,980
400 2,000 5,000 13,000 8,500 35,000 8,000 52,424 230,000 180,000 145,000 750,304
264,196
42,637
221,559
233,285 454,844
(60,000)
$ 394,844
5,000 59,400
400 -
5,500 12,500
8,000 30,000
8,100 46,896 220,000 75,000 155,000 625,796
367,204
30,929
336,275
(102,990) 233,285
-
$ 233,285
Depending on the type of business, an income statement can be formatted in different ways.
(See accompanying notes) PREPARED WITHOUT AUDIT
Page 3 of 10
FANCY TECHNOLOGIES LIMITED STATEMENT OF CASH FLOWS YEAR ENDED JULY 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES Net income
Adjustments for: Amortization of tangible assets Amortization of intangible assets
Changes in non-cash working capital components: Accounts receivable Investment tax credits receivable Inventories Prepaid expenses Accounts payable and accrued liabilities Government remittances payable Deferred revenue Cash flows from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Cash flows from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES Repayment of shareholder loan Dividends paid Repayment of loan payable Redemption of capital stock Cash flows from financing activities
INCREASE IN CASH
CASH AT BEGINNING OF YEAR
CASH AT END OF YEAR
2013
$ 221,559
67,980 400
289,939
2012
$ 336,275
59,400 400
396,075
15,000 (2,764) (9,000) (1,000) (6,175) (2,000) (100,000) 184,000
8,000 (87,175)
(4,000) 500
(25,500) 1,000
100,000 388,900
(10,000) (10,000)
120,000 120,000
18,000 (60,000) (12,000)
(5,000) (59,000)
(241,900) (12,000) -
(253,900)
115,000
15,000
110,000
95,000
$ 225,000 $ 110,000
(See accompanying notes) PREPARED WITHOUT AUDIT
Page 4 of 10
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