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QUESTION

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.

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.

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

Your critical essay should meet the following requirements: 

Link: Colorado & Utah Canyons Tour Company (Links to an external site.)Links to an external site.

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