In 600-750 content words, respond to the followingIn 600-750 content 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.
• Identify the three categories of ratios that a business may use in an analysis of its financial statements. Describe the benefits of calculating these ratios.
Use the template provided. Follow APA format, including a title page, introduction, conclusion, citations, and tworeferences. See the attached PPT file. Turnitin is required.