7.1: Financial Statements

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Jun 22, 2023
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- 7: Capstone Experiences
- 7.2: Statement of Cash Flows

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Businesses publish financial statements to communicate information about their operating performance and economic health. The income statement shows the profitability of a business by presenting its revenue and expenses for a period of time and summarizes its profitability in one final result: net income. The retained earnings statement reports all of the profit that a business has accumulated since it began operations. The balance sheet is a comprehensive summary report that lists a business’s assets, liabilities, owner investments, and accumulated profit.Examples appear below.

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