Identify the 3 main financial statements? (3) Discuss the purpose of each statement? (3) Explain how...

Identify the 3 main financial statements? (3) Discuss the purpose of each statement? (3) Explain how income statement is linked to the balance sheet?

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1. Identify the 3 main financial statements? Discuss the purpose of each statement? Explain how income...

1. Identify the 3 main financial statements? Discuss the purpose of each statement? Explain how income statement is linked to the balance sheet? 2. Use this information to prepare a financial statement for company ABC Co for the 12 months ended 31st December 2019 Distribution expenses $ 8,000 Salaries and wages related to selling product $ 16,000 Advertisements and promotions for Product $ 5,000 Salaries and wages for administrative staff $ 7,500 Office supplies expenses $ 1500 administrative utility expenses...

Discuss the purpose of each of the following financial statements: income statement, balance sheet, statement of...

Discuss the purpose of each of the following financial statements: income statement, balance sheet, statement of cash flow and statement of owner’s equity. Identify five business questions that can be answered by using financial accounting information. For each question, indicate what financial statement (or statements) would be most helpful in answering the question, and why.

Identify the four financial statements and describe the purpose of each.

Financial Statement Items Identify the financial statement (or statements) in which each of the following items...

Financial Statement Items Identify the financial statement (or statements) in which each of the following items would appear: income statement (IS), statement of stockholders’ equity (SSC), balance sheet (BS), or statement of cash flow (SCF). Assets Revenue Cashflow from investing activities Stockholders’ equity Expenses Net change in cash Net Income Liabilities

identify three (3) groups of financial statement users and explain how each group uses the accounting...

identify three (3) groups of financial statement users and explain how each group uses the accounting information. State the accounting equation and explain each composition of the equation. Describe the effects of business transactions on the accounting equation in terms of increase or decrease of accounting equation elements.

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Identify the 3 main financial statements? (3) Discuss the purpose of each statement? (3) Explain how...

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