What is the purpose of the income statement

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Reference no: EM133940521

Assignment Directions:
There are 2 Parts to this Assignment. Use the templates provided.

Prompt:
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
statement of cash flows

PART 1:
In 675-700 words (not including title page or references) and in an APA7 formatted paper with an Introduction and Conclusion, explain the following questions. Do not include the questions verbatim in your responses or as headings. Use the template provided.
What is the purpose of the income statement? Identify and describe the major types of expenses that are shown on the typical income statement.
What is the purpose of the balance sheet? Identify and describe the major types of assets and the claims of creditors and owners shown on the typical balance sheet. Get the best assignment help from top tutors.
What are the three different accounts that comprise the owners' equity (also known as stockholders' equity) section on a typical corporate balance sheet? Describe each account.
What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.

PART 2:
Complete both the balance sheet and income statement exercise tabs in this Excel file and submit it as a file. Note: the file is auto-submitted to Turnitin and will result in a high score. Please disregard the score.

Reference no: EM133940521

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