Submitted by: Submitted by cagey
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Category: Business and Industry
Date Submitted: 03/07/2014 06:45 PM
SAMPLE CONSTRUCTION FINANCIAL STATEMENT
Construction Contacts: Tim Klimchock, CPA, CCIFP Manager, AEC Industry Group M. Scott Hursh, CPA, CCIFP Principal, AEC Industry Group
1.800.745.8233 Web Site: www.stambaugh-ness.com Phone: 717.757.6999 • Fax: 717.757.4550 2600 Eastern Boulevard, Suite 101 York, Pennsylvania 17402-2916
VIRTUOSO CONSTRUCTION COMPANY, INC.
BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION DECEMBER 31, 20YY AND 20XX
Executive Overview The accompanying sample financial statements of Virtuoso Construction Company, Inc. are for education purposes only. This sample is of a fictional nonpublic, closely-held construction company which provides its financial statements to its stockholders, bankers, insurance company, surety, and project owners for prequalification purposes. Organization of the sample financial statements assists management with providing information to the various readers as follows: • The Auditors' Report, Consolidated Financial Statements, and Notes to the Financial Statements provide the required information for a complete financial presentation in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Supplemental Information is not required by U.S. GAAP. However, certain users of construction industry financial statements (particularly most sureties) greatly value these disclosures and schedules and prefer that they be included in the presentation.
•
The sample financial statements of Virtuoso Construction Company, Inc. is provided to you by the Construction Industry Services Group of Stambaugh Ness, P.C. a regional public accounting firm.
CONTENTS
Page
ACCOUNTANTS' REPORT
3
FINANCIAL STATEMENTS BALANCE SHEETS STATEMENTS OF EARNINGS STATEMENTS OF STOCKHOLDERS' EQUITY STATEMENTS OF CASH FLOWS NOTES TO FINANCIAL STATEMENTS 4-5 6 7 8-9 10 - 20
SUPPLEMENTARY INFORMATION CONTRACT COSTS SCHEDULES OF GENERAL AND ADMINISTRATIVE EXPENSES EARNINGS FROM CONTRACTS CONTRACTS...