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Audited Financial Statements with Other Financial Information West Virginia Alcohol Beverage Control Administration (A Component Unit of the State of West Virginia) Years Ended June 30, 2014, and
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01
Gather all financial documents, including balance sheets, income statements, and cash flow statements.
02
Start with the balance sheet section. Begin by filling in the assets section, listing all assets owned by the company.
03
Move on to the liabilities section of the balance sheet, which includes all debts and obligations of the company.
04
Complete the equity section of the balance sheet, which outlines the ownership and retained earnings of the company.
05
Proceed to the income statement. List all sources of revenue, including sales, investments, and other income.
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Deduct all expenses, such as costs of goods sold, operating expenses, and taxes, to calculate the net income or loss.
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Finally, fill out the cash flow statement, detailing the inflows and outflows of cash during the reporting period.
08
Review the audited financial statements for accuracy and compliance with accounting standards and regulations.
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Submit the audited financial statements to relevant authorities or stakeholders as required.

Who needs audited financial statements with?

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Audited financial statements are typically required by regulatory bodies, such as tax authorities, securities commissions, and government agencies.
02
Publicly-traded companies are also required to produce audited financial statements for shareholders and potential investors.
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Financial institutions, lenders, and investors often request audited financial statements to assess the financial health and credibility of a company.
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Non-profit organizations and charitable foundations may require audited financial statements as part of their transparency and accountability practices.
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Additionally, audited financial statements can be beneficial for companies seeking mergers or acquisitions, as they provide independent verification of financial performance.
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Audited financial statements are prepared by a company's external auditor to provide an opinion on the accuracy and completeness of the company's financial records.
Publicly traded companies are required by law to file audited financial statements with regulatory bodies such as the Securities and Exchange Commission (SEC).
Audited financial statements are filled out by the company's management team and external auditor, following the auditing standards and regulations set by the relevant authorities.
The purpose of audited financial statements is to provide stakeholders with confidence in the company's financial position and performance, as well as to ensure transparency and accountability.
Audited financial statements typically include the company's balance sheet, income statement, cash flow statement, and notes to the financial statements.
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