Asked by Jacob Rosmarin on Apr 24, 2024
Verified
Name and describe the four primary financial statements for a proprietorship.
Financial Statements
Formal records of the financial activities and position of a business, person, or other entity, including income statement, balance sheet, and statement of cash flows.
Proprietorship
A type of business entity owned and operated by one individual, where there is no legal distinction between the owner and the business.
- Generate fundamental financial statements, including statements of income, balance sheets, and statements of equity for the owner.
Verified Answer
NS
narendra solanki6 days ago
Final Answer :
1. Income statement: A summary of the revenue and expenses for a specificperiod of time, such as a month or a year.
2. Statement of owner's equity: A summary of the changes in the owner'sequity that have occurred during a specific period of time such as amonth or a year.
3. Balance sheet: A list of the assets, liabilities, and owner's equity as of aspecific date, usually at the close of the last day of a month or a year.
4. Statement of cash flows: A summary of the cash receipts and cash paymentsfor a specific period of time, such as a month or a year.
2. Statement of owner's equity: A summary of the changes in the owner'sequity that have occurred during a specific period of time such as amonth or a year.
3. Balance sheet: A list of the assets, liabilities, and owner's equity as of aspecific date, usually at the close of the last day of a month or a year.
4. Statement of cash flows: A summary of the cash receipts and cash paymentsfor a specific period of time, such as a month or a year.
Learning Objectives
- Generate fundamental financial statements, including statements of income, balance sheets, and statements of equity for the owner.
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