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.
Instructions: There are 2 Parts to this assignment.
PART I: In a 600-700 words APA7 formatted paper (not including title page or references). Do not include the questions verbatim as headings when
you respond to the following:
· 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 (also known as stockholders’ 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.
APA7 and Turnitin are required. Your file is auto submitted to Turnitin – no class code required. Review the TII report in the Assignment, not through the Gradebook. Include a minimum of 2 references. In the Assignment dropbox, please attach your paper as a docx file, not a pdf, and do not copy & paste the paper in the dialogue box.
PART 2: Complete both the balance sheet and income statement exercises in the attached Excel file and submit as a file.
TIP: This entire excel exercise is add, multiply, or subtract. Look at it as a math puzzle.
Note: the file is auto submitted to Turnitin and will result in high score. Please disregard the score.
Please name your assignment files as LastnameFirstinitial-BUSN604 Week# Submit your assignment by 11:59 PM ET Day 7 (Sunday).
Due on Apr13, 2025 11:59 PM