Senate Building Beauty Shop Statements--4-Month Period Ended 6-30-86
AFMD-88-7: Published: Feb 8, 1988. Publicly Released: Feb 8, 1988.
- Full Report:
GAO examined the balance sheet of the Senate Building Beauty Shop as of June 30, 1986, and the related statements of operations, changes in financial position, and changes in partners' capital accounts for the 4-month period then ended. The short audit period was the result of a change in ownership from a partnership to a sole proprietorship, effective July 1, 1986.
GAO found that, except for the effects of any necessary adjustments to the closing inventory of merchandise held for sale, the financial statements presented fairly the financial position of the Senate Building Beauty Shop as of June 30, 1986, and the results of its operations and the changes in its financial position for the 4-month period then ended, in conformity with generally accepted accounting principles applied on a consistent basis.