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WhatsApp Image 2019-07-29 at 5.03.28 PM.jpeg - HANDOUT 1 1...

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Unformatted text preview: HANDOUT 1 - 1 TEAM PROJECT - OVERVIEW OF FINANCIAL STATMENTS ru T : Complete the following table. xper Comm Financial Statement Purpose Equation Stater Income Statement Reports Ravenes, expenses, Revenues Office Email and not income -Expenses Net Income Phon Statement of Stockholders Equity Shows charges in common Branning Blance Clas stock and retained earnings. Findina Balance Balance Sheet off Reports dollar amounts for A = L + SE Of the assets hoctimes and cl: Stock holders' equity . Statement of Cash Flows Reports inflows and */- CE from Operating outflows of cash. 1/ - CF from Investing 4 /- CF from Financial Net change in Cash RELATIONSHIPS AMONG FINANCIAL STATEMENTS Then, answer the following questions: 1. How does the income statement tie to the statement of stockholders equity? Net income is required to calculate the ending retained earnings. 2. How does the statement of stockholders' equity tie to the balance sheet? Retained earnings is necessary to calculate the total liabilities and stockholders' equity. 3. How does the balance sheet tie to the statement of cash flows? Total assets require the calculation of "cash at end of period. 1-3 02017 by McGraw-Hill Education This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner This document may not be copied. scanned, duplicated, forwarded distributed, or punted on a website. in whole or part...
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