Financial Statements Paper

Financial Statements Paper - Running Head: FINANCIAL...

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Running Head: FINANCIAL STATEMENTS 1 Financial Statements Sarah Jones ACC/220 4-11-2010 Robert Neely
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FINANCIAL STATEMENTS 2 Within the business world, many financial statements are used to make decisions on everything from what product or service should to provide to can the company afford to hire more people. The financial statements that will be covered in this paper are balance sheets, income statements, retained earnings statements, and a statement of cash flows. Balance sheets are used to report a company’s assets and liabilities. Assets are resources that the business owns such as buildings, trucks, furniture, computers, and equipment. Liabilities are amounts owed to creditors such as banks, suppliers, and taxes. This sheet uses the basic accounting equation. The basic accounting equation states that assets are to be equal to the sum of liabilities and stockholder’s equity. Stockholder’s equity is the claims of owners such as common stocks and retained earnings. A company can use the information on the balance sheet
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This note was uploaded on 12/12/2010 for the course ACC 220 taught by Professor - during the Spring '10 term at University of Phoenix.

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Financial Statements Paper - Running Head: FINANCIAL...

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