Laserfiche WebLink
UPPER PLATTE AND BEAVER CANAL COMPANY <br /> UPPER PLATTE AND BEAVER CANAL COMPANY NOTES TO THE FINANCIAL STATEMENTS <br /> STATEMENT OF CASH FLOWS As of January 31,2014 <br /> For the Year Ended January 31 <br /> 2014 2013 NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> (Compiled) (Compiled) <br /> • <br /> Cash flows from operating activities <br /> Organization and Operations: <br /> Net income(loss) $4,224 $133,305 <br /> Non cash expenses included in income The Upper Platte and Beaver Canal Company was organized on May 21,1888 and is a <br /> Depreciation $5,911 . $5,911 Colorado nonprofit corporation under IRS Code section 501(c)12.The Company <br /> (Increase)decrease in: maintains an irrigation ditch to supply water to the stockholders in Morgan County, <br /> Accounts receivables $0 $148 Colorado. <br /> (Decrease)increase in: Accounting Principles: <br /> Accrued taxes and expenses $532 $51 9 P <br /> Prepaid assessments $1,657 $7,408 <br /> Current portion long term note ($7,489) ($8,991) The financial statements are prepared on the accrual basis of accounting in accordance <br /> Net cash used by operating activities $4,835 $137,832 with accounting principles generally accepted in the United States of America.A <br /> complete record of the cost of acquisition of the Company's assets has not been <br /> Cash flows from investing activities maintained.The cost of the assets was established during the year ended January 31, <br /> Purchase of Assets ($99,902) $0 1994 by a review,from a prior accountant,of the Company's files and other data that <br /> Net cash used by investing activities ($99,902) $0 was available to management. <br /> Cash flows from financing activities Accounts Receivable: <br /> Increase(decrease)in: <br /> Long term note payable ($1,435) ($7,489) The stockholders are billed annually for service to be received during the operating <br /> Net cash provided by financing activities ($1,435) ($7,489) year.Stockholders assessments are based on a budget prepared at the beginning of <br /> the year by management. There are no accounts receivable as of 01-31-2014. <br /> Increase(Decrease)in cash ($96,501) $130,344 <br /> Cash and Cash Equivalents <br /> Cash at beginning of year $171,605 $41,261 <br /> For the purpose of reporting cash flows,the Company considers all treasury bills, <br /> Cash at end of year $75,104 $171,605 certificate of deposits and money market funds purchased with an original maturity of <br /> ---- -_ three months or less to be cash equivalents. <br /> Supplementary Information: <br /> Cash paid during the year tor: Use of Estimates <br /> Interest $201 <br /> The preparation of financial statements in accordance with generally accepted <br /> accounting principles requires management to make estimates and assumptions that <br /> affect the reported amounts of assets and liabilities and disclosures of contingent <br /> assets and liabilities at the date of the financial statements and the reported amounts of <br /> revenues and expenses during the period.Actual results could differ from those <br /> • <br /> estimates. <br /> Page 6 <br /> See accountant's compilation report and accompanying notes to the financial statements. <br /> Page 5 <br />