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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What are the major financial statements of a company, and what information does each summarize?

To determine

Explain the major financial statements of a company, and explain the information that each of the statement summarizes.

Explanation

The major financial statements are as follows:

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Income statement summarizes all the revenues and expenses to report the net income for the given period ending.

Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

Balance sheet summarizes all the assets, liabilities and stockholders’ equity as on the date of preparation...

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