Executive Solution Overview
## **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 …
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## **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 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.
**TIP: This entire excel exercise is add, multiply, or subtract. Look at it as a math puzzle.**
## **Submission Instructions:**
– Please name your Assignment files as LastnameFirstinitial-BUSN604 Week#
– Submit your Assignment by 11:59 PM ET, Day 7 (Sunday).
– Part 1:
– A Word document (docx, not pdf or pages format) with all four questions answered in 675-700 content words
– Include references in APA 7 style.
– Copyleaks is required. Your file is auto-submitted – no class code required. Review the report in the Assignment, not through the Gradebook. Include a minimum of three (3) references. In the Assignment dropbox, please attach your paper as a file, do not copy & paste.
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