Senate Building Beauty Shop Statements--6-Month Period Ended 12-31-86
AFMD-88-8: Published: Feb 8, 1988. Publicly Released: Feb 8, 1988.
- Full Report:
GAO examined the balance sheet of the Senate Building Beauty Shop as of December 31, 1986, and the related statements of operations, changes in financial position, and changes in the capital account for the 6-month period then ended. GAO noted that the short audit period was the result of a change of ownership from a partnership to a sole proprietorship, effective July 1, 1986, and a change of fiscal year-end from February 28 to December 31.
GAO found that, except for the effects of any necessary adjustments to the opening inventory of merchandise held for sale, the financial statements presented fairly the financial position of the Senate Building Beauty Shop as of December 31, 1986, and the results of its operations and the changes in its financial position for the 6-month period then ended, in conformity with generally accepted accounting principles applied on a consistent basis.