How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask USTaxAdvising Your Own Question
USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
58296935
Type Your Tax Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

Please provide the language for the first paragraph of a compiled

This answer was rated:

Please provide the language for the first paragraph of a compiled Financial Statement (Balance Sheet, Income Statement & Statement of Members Interest/Equity) for a multi member LLC.

Hello,

Thank you for using justanswer. I can assist you with your questions today.

 

Generally under U.S. GAAP the paragraph would read as such:

 

"We have compiled the accompanying statement of financial position of Company XYZ, as of June 30, 20X2, 20X1 and 20X0 and the related statements of income and cash flows for the years then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America."

 

Please let me know if you have any further questions.

 

Best regards,

USTaxAdvising and 2 other Tax Specialists are ready to help you
Customer: replied 4 years ago.


Isn't "Balance Sheet" referred to as opposed to "Statement of Financial Position", as the company is a for profit multi member LLC & I am including a Balance Sheet,not a Statement of Financial Position. Also, I am including a Statement of Members Equity/Interest. Do I refer to this Statement as Members "Equity" or Members "Interest"?

Hi Scott,

 

Balance Sheet and Statement of Financial Position are synonymous terms, either of these terms are correct (Statement of Financial Position is more "sophisticated").

 

The members equity/interest statement should be as "Statement of Members Equity", not "interest".

 

I hope this helps, please let me know if you have any further questions.

 

Best regards,

Customer: replied 4 years ago.


If the LLC has a loss in the first year, does the language for the Statement of Members Equity change to Statement of Members Deficit?

Hi Scott,

 

Yes this is likely. I have seen it prepared both ways when a loss exists.

 

 

USTaxAdvising and 2 other Tax Specialists are ready to help you