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Financial Statements - Financial Statements Financial...

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Financial Statements Financial Statements Nikki Vergets Acc/220 11/21/10 Eric Weitner
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There are many forms of statements when maintaining a company; a balance sheet is one of the major financial statements used by accountants and business owners. A balance sheet presents a financial position at the end of a specified date, basically a “snap shot” of the company’s financial position at a certain point or moment. Having all of this information can allow someone like a creditor, to see what a company owns as well as what they owe to other parties as of the date indicated. Balance sheets are valuable information to a banker when trying to qualify for a loan or more credit. An income statement presents the results of how much revenue is earned, during a period of time. This also shows the costs and expenses associated with earning that revenue. If you notice at the top of an income statement, the total amount of money brought in from sales of products or services. Basically an income statement is a list of
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