Include explanations of both your approach to preparing the financial statements for the accounts and the balances of each account for each statement.

Read the Colorado & Utah Canyons Tour Company case study (see link below). This case addresses the compilation and preparation of a set of financial statements for a first-year company’s operations. In addition to the financial statements listed, prepare a cash flows statement and a compilation report addressed to the owner by the accountant per AICPA standards.

Prepare a 5- to 6-page critical essay that includes:

an income statement, a statement of owner’s equity, a balance sheet, and a cash flows statement per U.S. GAAP, and
A compilation report addressed to the owner per AICPA standards.

 

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