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Assignment Prompt & Instructions

Any use of AI will receive a automatic 0-There are 2 Parts to this Assignment. Use the templates provided.
## 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. **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.**
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BUSN604Week1Assignment2025.xlsx](https://www.sweetstudy.com/files/busn604week1assignment2025-xlsx "BUSN604Week1Assignment2025.xlsx")