USA How to create Financial Statements from the scratch for an old company?

[Guardian A]

Hello Guys

My question is how to create financial statements for a small company that has been operating for the 12 years with no previous accounting records?

Thanks in advance.

 

[kirby]

If YOU are going to do this and have sufficient acctg experience then you should already know what to do. If you do not have that experience, go hire an acct. Seems obvious so maybe I am not getting what you are asking.

 

[Guardian A]

If YOU are going to do this and have sufficient acctg experience then you should already know what to do. If you do not have that experience, go hire an acct. Seems obvious so maybe I am not getting what you are asking.

The problem is many of the old documentations are lost and no longer at the possession of said company.

 

[kirby]

Order old bank statements from the bank. Costly though. Also order old tax returns. That will give you some records for a few years anyway

 

[NonprofitNinja]

I would agree, old bank statements and tax returns are the best indicators. The most important information you need to glean from the old documents is the cost basis of all of your capitalized assets, as well the values of your liabilities and owner's equity. Prior period profitability numbers are nice to have, but not necessary unless you are required to prepare comparative Income Statements.