Overview

In this class we are mainly concerned with three financial statements: (1) The Income Statement; (2) The Statement of Retained Earnings; and (3) The Balance Sheet. Each of these financial statements report different information to external users. Please take some time to review the information presented in each of these financial statements and what it tells users about the company.

For this forum you will need to discuss each of the financial statements in detail, including the accounts that are presented in each of the financial statements and the reasons the information in each of these financial statements is useful to the users of the financial statements.

What a Good Post Will Include

1. Detailed discussion of the income statement, statement of retained earnings, and balance sheet.

2. What information each type of account on these financial statements provides.

3. How the financial statements are interconnected.