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Discussion Week 1

Discussion Week 1 - There are four types of financial...

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There are four types of financial statements that are used for publicly traded corporations. They are known as the income statement, statement of owner/stockholder’s equity, balance sheet and the statement of cash flow. (Easton, Halsey, McAnally, Hartgraves & Morse, 2010). These statements are linked to one another providing one another with necessary data, therefore the order in which they are prepared is very important. The income statement should be the first in that order. . Michael Francis. (February 25, 2011). Which Financial Statement Is Prepared First?. In Ehow Money. http://www.ehow.com/info_7981104_financial-statement-prepared-first.html. It lists all of a company's revenues and expenses during a specific period of time and is prepared using the following equation: revenues - expenses = bottom line net income. Once we have calculated the net income we can prepare the statement of owner/stock holders equity. The name varies depending on the kind of company that it covers. For a
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