What is the purpose of the income statement

| February 25, 2017

Question
In 600-750 content words, respond to the following with references please:

• 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.

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