Financial statements-balance sheet-operating statements

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Three Key Financial Statements There are three key financial statements, the balance sheet, the operating statement and the statement of cash flows. As you are analyzing the balance sheet, you notice that the two sides are not in balance, meaning that the asset side and liability and net assets side do not total the same amount. Why do you think this occurred and what steps would you take to find and fix the error? Also, the following is an example of an operating statement. Analyze the statement and discuss your findings. Use the questions below as a starting point for your analysis. · Are there any areas of concern to you? · Is this a good net income? Why or why not? · Would you make changes, and if so, where? To the Revenues or Expenses? · What other questions would you ask yourself to further analyze this operating statement? The Good Health Hospital: Operating Statement for the year ending December 31, 20XX Revenues $50,000 Expenses $40,000 Net Income $10,000

Reference no: EM131260893

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