Project #56582 - The Firm Financial Statements

In 600-750 words, respond to the following: 

Managers within the firm, as well as the firm’s owners and lenders, keep track of the firm’s performance by reviewing its financial statements - income statement, balance sheet, and statement of cash flows.

  • What is the purpose of the income statement? Identify the major types of expenses that are shown on the typical income statement.
  • What is the purpose of the balance sheet? Identify the major types of assets and the claims of creditors and owners shown on the typical balance sheet.
  • What are the three different accounts that comprise the owners’ equity section on a typical corporate balance sheet?
  • What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.

Follow APA format, including a title page, introduction, conclusion, citations, and two references. See attached files. Turnitin is required

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Due By (Pacific Time) 02/08/2015 07:00 pm
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