Identify the correct statement or report for each description. Description Statement or Report Is published once year and provides stockholders with details about the company's performance and financial condition Annual report Is divided into two important parts: operating and nonoperating sections; also known as the profit and loss statement Balance sheet Income statement Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Statement of cash flows Provides details about the flow of funds from operating, investing, and financing activities Statement of retained earnings Explains the changes in a company's retained earnings over the accounting year Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table: Balance Sheet Statement of Cash Flows How much cash is a firm generating through operating, investing, and financing activities? How much debt and equity has the firm issued to finance its assets