[Answer] BUSN604 Week 1 Assignment

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BUSN604 Week 1 Assignment

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BUSN604 Week 1 Assignment

Prompt:

Managers within the firm, as well as  the firm’s owners and lenders, keep track of the firm’s performance by  reviewing its financial statements:

  • income statement
  • balance sheet
  • statement of cash flows
PART 1:

In 675-700 words (not including title page or references) and in an APA7 formatted  with an Introduction  and Conclusion, explain the following questions. Do not include the questions verbatim in your responses or as headings. Use the template provided.

  • What is the  purpose of the income statement? Identify and describe the major types  of expenses that are shown on the typical income statement.
  • What is the  purpose of the balance sheet? Identify and describe the major types of  assets and the claims of creditors and owners
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shown on the typical  balance sheet.
  • What are the  three different accounts that comprise the owners’ equity (also known  as stockholders’ equity) section on a typical corporate balance sheet?  Describe each account.
  • What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.
  • PART 2:

    Complete both the balance sheet and income statement exercise tabs in this Excel file and submit it as a file. Note: the file is auto-submitted to Turnitin and will result in a high score. Please disregard the score.

    TIP: This entire excel exercise is add, multiply, or subtract. Look at it as a math puzzle.

    Read; BUSN 311 Type I Error Is Defined as Rejection of True Null Hypothesis

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