I’ve attached a draft copy of my restated financial statements. Also some comments of problems I encountered while restating them. 🙂 Company Spreadsheet
The major problem I had with restating my financial statements is trying to understand what to include and what to leave out. My financial statements were a lot longer and more complex than a lot of my classmates. My financial statements also had a lot of perhaps unnecessary headings and separations within headings. When looking at the financial statements it probably made it a lot clearer but when having to restate them it made them just that little harder. When restating the income statement, my revenue only had ‘sales revenue’ so I assumed that I had to check the notes for it to find financial revenue but my financial statements had no notes for revenue. I discussed with my tutor and we concluded that financial revenue would be zero. Maria’s videos on restating the three financial statements helped immensely with determining what was operating and what was financial just from looking at what she put into either section. I also noticed that there is a lot more operating factors than financing factors.