Question

Explain how financial statements (Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows) are helpful to the business owner, employees, and investors using a company in your local area. Be sure to begin by stating the name of the company you chose.
Be sure that your Learning Journal entry is a minimum of 500 words. Make sure you cite and reference your sources of information in the APA format.

Answer 1

A financial statements are helpful to the business owner, employees, and investors because:

• It helps to financial plan
• It helps to make decisions
• It helps to adhere to regulations etc

What are financial statements?

This refers to those written records that convey the business activities and the financial performance of a company.

Some examples of financial statements in every standard companies includes Income statement, Cash flow statement, Balance sheet, Note to Financial Statements, Statement of change in equity etc.

In conclusion, majority of firm's financial statement are audited by government agencies, accountants, firms  to ensure accuracy, tax purpose, financing, investing purposes etc.

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Answer 2

The financial statements (Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows) give  snapshot of a corporation's financial health.

What is thee usefulness of the financial statement?

Financial statements which is been used as accounting tool help to provide snapshot of a corporation's financial health.

It help to provide the company or organization with performance, operations as well as  cash flow as well as company's revenue, expenses.

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