Question: a) What are the three Financial Statement prepared to understand about a company's financial position? Why is it important to prepare a Cash Flow Statement

a) What are the three Financial Statement prepared to understand about a company's financial position? Why is it important to prepare a Cash Flow Statement if there is an Operating Income Statement? (8 Marks) b) Construct a Balance Sheet for Siddhu's Sofas given the following data. What is the share holders equity? (12 Marks) Cash Balance - $10,000 Inventory of Sofas - $200,000 Store & Property - $100,000 Accounts Receivables - $22,000 Accounts Payables - $17,000 Long Term Debt - $170,000 If Common Shares are valued at $100,000 what is the Retained Earnings

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