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Written Assignment ACC 211 John Purdy Margaret Parrish Principles of Accounting I [ACC 211 M02B] November 24, 2019
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Part One There are a total of four financial statements used in the world of accounting: Income Statement, Statement of Stockholders' Equity, Balance Sheet, and Cash Flow Statement. These statements must be prepared in this order because each of them are related to one another. For example, the Income Statement and the Statement of Stockholder’s Equity both show the total net income or loss as an addition or deduction from the retained earnings of a period respectively. Likewise, the Statement of Stockholder’s Equity and the Balance Sheet both report common stock and retained earnings at the end of a given period. Finally, any cash reported on the balance sheet would also be recorded on the Cash Flow Statement as end-of-period cash. An Income Statement shows a company’s revenue and expenses during a specific period. Therefore, it shows the net income of a company, thus making it one of the most useful statements for external users. The Statement of Stockholder’s Equity is what shows the fluctuations in stockholder’s equity. Stockholder’s
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