Financial Statements

Financial Statements Chanoa Maestas XACC / 290 September 28, 2012 CHRISTOPHER PHILLIPS Financial rehearsals atomic number 18 a more(prenominal) common term that is used while referring to relations that are produced for a business at the end of accounting periods. in that location are four different statements that get produced for a biotic community and they are the balance sheet, income sheet, retained earnings statement, and the statement of silver course. A balance sheet will provide a gunpoint of information about the companys assets, liabilities and shareholders paleness (Kimmel, Weygandt & axerophthol; Kieso, 2011). Assets are the things that a company owns that may hurt value. These things pot be interchange or used by the company to make products they need or help tolerate a service that fecal matter be sold (Kimmel, Weygandt & angstrom; Kieso, 2011). Assets go off be any quality of physical property, but it could in addition be something corresponding trademarks and patents. The liabilities are the total amounts of hard currency that a company owes to somebody else. A companys liabilities can include many a(prenominal) types of obligations, like borrowed money from a hope to launch a new product, rent for use of a building, money owed to suppliers for materials, paysheet a company owes to its employees, environmental violent death costs, or taxes owed to the g everywherenment.

Shareholders equity is what a company would also forebode out capital or net worth. This is the money that is left(a) if a company sold and paid off everything (Kimmel, Weygandt & Kieso, 2011). This money would belong to the shareholders, or the owners, o! f the company. The income sheet is a statement that tells a company how much revenue they have brought in over a period cadence. This statement will also cross-file costs and expenses associated with earnings of that revenue. The retained earnings statement is a statement that will show amounts and causes of changes during a clipping frame. This time frame is the same as the income statement. The statement of cash flow is a...If you want to get a full essay, erect it on our website: OrderEssay.net

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