For Endless Summer Sweets, what specific financial statements are included in the audit?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
UDITOR'S REPORT**
To Management Endless Summer Sweets Franchising Inc. Berkeley, CA
Opinion
We have audited the accompanying financial statements of Endless Summer Sweets Franchising Inc. (a California corporation), which comprise the balance sheets as of December 31,2023, and the related statements of income, retained earnings, and cash flows for the period March 9,2023 to December 31,2023, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Endless Summer Sweets Franchising Inc as of December 31,2023, and the results of its operations and its cash flows for the period March 9,2023 to December 31,2023, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2024 FDD)
According to Endless Summer Sweets' 2024 Franchise Disclosure Document, the audited financial statements include the balance sheets, statements of income, retained earnings, and cash flows. These statements provide a comprehensive view of the company's financial position and performance. The balance sheets are as of December 31, 2023. The statements of income, retained earnings, and cash flows cover the period from March 9, 2023, to December 31, 2023.
Because Endless Summer Sweets has not been in business for three years or more, the FDD does not include all financial statements typically required by the Franchise Rule of the Federal Trade Commission. However, Exhibit E contains the audited opening balance sheet dated December 31, 2023. The fiscal year end for Endless Summer Sweets is December 31st.
The audit was conducted in accordance with generally accepted auditing standards in the United States of America. The auditor's report expresses an opinion on the fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America.