Preparation of Financial Statements
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Preparation of Financial Statements
Contents
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Prepare Income Statement
The income statement calculates the net profit or loss, which are determined by sales revenue, expenses, and general ledger records. -
Prepare Statement of Retained Earnings
The statement of retained earnings reflects the distribution of profit between retained earnings and dividends. -
Prepare Balance Sheet
The balance sheet illustrates the company’s financial position – it’s a snapshot of the last day of the accounting cycle. -
Prepare Cash Flow Statement
From a cash basis, the statement of cash flow is a compilation and comparison of information from the three main financial reports: income, retained earnings, and balance sheet. -
Financial Statement Analysis
Business owners may not need all the details, but they definitely need to understand the BIG PICTURE of their current financial and cash positions. These insights are crucial when making business operation decisions. -
File Financial Statement Reports
All companies, foreign and domestic, are required to file registration statements, periodic reports, and other forms electronically through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The purpose of EDGAR is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy via a time-sensitive collection tool.