Question

For each of the following questions, indicate which financial statement would most likely be used to provide the information. Use the following abbreviations: Income statement (I), Statement of retained earnings (R), Balance sheet (B), and Statement of cash flows (C). What were the company’s net sales for the year? What assets does the company have? How much cash was generated by operating activities? Why did the company’s retained earnings change during the year? How much in total debt does the company have? How well did the company perform during the year? Did the company declare a dividend during the year? How much cash did the company generate and spend during the year? What is the company’s financial position at the end of the year? LO 4

Answer 1

Answer:

45678

Explanation:

345678

Answer 2

Answer:

1) Net sales: Income statement

2) Assets: Balance Sheet

3) Cash generated by operating activities: Cash flow statement

4) Retained earnings change: Retained earning statement

5) Total debt: Balance Sheet

6) Company performance: Income statement

7) Dividend: Retained earnings

8) Cash generation and spending: Cash flow statement

9) Financial position: Cash flow, Balance sheet, Income statement