Define in your own words a firm’s balance sheet, income statement, and
statement of cash flows. In addition, explain in your own words what an
asset, liability, revenue, expense, income, cash and retained earnings
mean.
A firm balance sheet, income statement, and statement of cash flows are basically the numbers that helps companies understand what their company weakness and strengths are and the areas they need to work on. Balance sheet contains the info as it is now on the finances of the company. Income statement contains your gains and losses. Statement of cash flows analyzes the operating, investing and financing activities. Asset is something that bring value to a company as long as it applies. Liability is something you owe. Expense is when you spend money on something. Income is positive money coming in. Cash is currency that you have immediately. Retained earnings is net income that the company keeps that isn't given to pay dividends or stockholders.
I agree with your statement that a firm uses the balance sheet, income statement and statement of cash flows to understand weaknesses and strengths. They can be used to determine where a firm can cut costs or what opportunities a firm can capitalize on. they are all reports that can be used to increase shareholder confidence and stimulate an increase in shareholders.
A firms balance sheet would be the overall accounting of the financial transactions of the firm. And the income statement would cover the amount of money spent doing those transactions.
Assets= property, money Liability= Financial repsonsibility revenue=cash coming in from sales expense= bill that needs to be paid cash= tender that is used to buy and pay bills retained earnings= monies that is saved for future use within the firm-William Young
The balance sheet tells what a company owns, owes, and the difference between the two. The income statement is a summation of income, and expenses, and they determine gains and losses. Statement of cash flows entails the cash inflow and outflow. An asset is what a company owns. A liability is what it owes. Revenue is a form of income, and income is what a company generates. Cash is a money instrument, and retained earnings are wages and salaries earned, but not paid.
The balance sheet shows is a detail of the firm's finances. The income statement is statement that details how the firm makes it revenues in operating and non operating activities. The statement of cash flows details all activities a firm is involved in for example it has in detail the operating , investing and financing activities. The statement of cash flow also are given to investors and the SEC for public companies. An asset is anything of value for example, the equipment that a company uses is an asset to the company. A liability is what a company owes. For example, an insurance payment is a liability. Revenue is the money a company receives during a period of time for services or products. The expense is what a firm accures for the product or services the are produces which takes from their profits. Income is the amount of money a firm has at the end of an accounting period. Cash is legal notes that can be used for payments. and retained earning are the earning that are not paid out to investors.
I am glad you mentioned the fact that the statement of cash flows is a financial report that publicly traded companies are required to disclose to the SEC and the public. In this regards, the statement of cash flows is important because it helps investors see if a company is having trouble with cash or gaining profits.
A balance sheet is what informs the company about it financial standing. This shows the companies position of its finances and what is owed. Income statement is a summary of how much a company has spent or mode over a certain period of time. Statement of cash flow is a record of a company finance reports. Assets is items that is own by a company, liability is what the company owes. Revenue is the profits that the company makes. Expense need to be paid, Cash is used to cover expense.
Balance sheet - what a organization owns refers to asset and liability Income statement- how much profit the organization has owns Statement of cash flows- what is the business owning and work for it Asset and liability is what the firms use to figure out the company goals throughout the year revenue and expensive - money coming in expensive money going out cash retaining earning mean money saving up
Balance sheet is just a statement of your current finance. Income statement shows the profit and loss of the business. Assets are anything of value. Liabilities are when you are obligated to pay someone. Revenue money receive for a sale of a product or service. Expense money that is owed for the maintaining of the business. Income is money that is made in a particular time period. Cash is currency. Retained earning is earning that the corporation keeps instead of distributing it to the share holders.
A firm’s balance sheet, income statement, and statement of cash flows collectively tells the financial status or statement of a business. The balance sheet shows the financial stance at a given period of time, the income statement shows the results of the revenues minus the expenses and the statement of cash flows shows how the business used cash and income is the money earned for providing a service.
Assets are what the business own, liabilities are what is owed out to creditors, revenue is what is earned, expenses are the cost to run business or sell products, retained earnings is the net income brought in over a year or so, cash is a form of payment
A balance sheet, income statement, and statement of cash flows are all financial statements that depict a firm's financial standing. A balance sheet provides information about the firm's assets, liabilities and shareholder's equity. An income statement is a specific report that shows how much revenue the firm earned over a certain period of time. A statement of cash flows reports a firm's in-flows and out-flows of cash.
Asset: things that a company owns that have value Liability: amounts of money that a company owes to others Revenue: income a firm receives Expense: costs acquired from a firm's operations Income: monetary payments received Cash: currency Retained Earnings: portion of net income that is retained by the firm and not distributed to shareholders
The balance sheet, together with the income statement and cash flow statement, make up the cornerstone of any company's financial statements. If you are a shareholder of a company. assets are cash, liability are obligations, revenue is profit from sells, expense is the amount used by a company, income is exchange from goods, cash is paid off debts and retained earnings is amount earned after debts are paid.
Balance Sheet- Current balance of a company's overall units that they own and their net income. Income Statement- An statement that explains a company's financial part of how well their productivity is performing, either their making a profit or losing profits. Assets-property owned by a person or establishment and gets profit from monetary terms. Liability- something that a company owes Revenue- how much the company earns Expense- how much money is being spent Income- how much money a company receives for their services cash and retained earnings- is the company's net income or how much they profit after annually
I income statement is a financial statement of a company's financial performance over a period of time. A balance sheet summarizes a company's liabilities, assests and equity at a certain time. A statement of cashflows is the revenue that changes in a cash account over a certain period of time. Assets and libilities are what you own. Revenue is the amount a company receives during a period of time. Income is money that is brought in from exchange for goods or from working. Cash is a legal tender that can be given in exchange for goods or services. Retained earings are retained for a company to pay a debt.
a balance sheet along with income statements, and statement of cash flow are all simply documented records for future observations and reviews for companies and auditors. these statements and balance sheets help record and keep things on track. an asset is anything belonging to a company a liability is something that can cause problems or cost money to a company revenue is money brought in expense is anything the company must pay for or spend on income is money earned by the company cash retained is money held until it is to be fluctuated to its new account
hello class. Have a wonderful week while we progress with FIN101 :)
ReplyDeleteDo the same!
DeleteA firm balance sheet, income statement, and statement of cash flows are basically the numbers that helps companies understand what their company weakness and strengths are and the areas they need to work on. Balance sheet contains the info as it is now on the finances of the company. Income statement contains your gains and losses. Statement of cash flows analyzes the operating, investing and financing activities.
ReplyDeleteAsset is something that bring value to a company as long as it applies. Liability is something you owe. Expense is when you spend money on something. Income is positive money coming in. Cash is currency that you have immediately. Retained earnings is net income that the company keeps that isn't given to pay dividends or stockholders.
I agree with your statement that a firm uses the balance sheet, income statement and statement of cash flows to understand weaknesses and strengths. They can be used to determine where a firm can cut costs or what opportunities a firm can capitalize on. they are all reports that can be used to increase shareholder confidence and stimulate an increase in shareholders.
DeleteThis comment has been removed by the author.
ReplyDeleteA firms balance sheet would be the overall accounting of the financial transactions of the firm. And the income statement would cover the amount of money spent doing those transactions.
ReplyDeleteAssets= property, money
Liability= Financial repsonsibility
revenue=cash coming in from sales
expense= bill that needs to be paid
cash= tender that is used to buy and pay bills
retained earnings= monies that is saved for future use within the firm-William Young
Hey William Young you explained the definitions in a understandable way.
DeleteThe balance sheet tells what a company owns, owes, and the difference between the two. The income statement is a summation of income, and expenses, and they determine gains and losses. Statement of cash flows entails the cash inflow and outflow. An asset is what a company owns. A liability is what it owes. Revenue is a form of income, and income is what a company generates. Cash is a money instrument, and retained earnings are wages and salaries earned, but not paid.
ReplyDeleteThe balance sheet shows is a detail of the firm's finances. The income statement is statement that details how the firm makes it revenues in operating and non operating activities. The statement of cash flows details all activities a firm is involved in for example it has in detail the operating , investing and financing activities. The statement of cash flow also are given to investors and the SEC for public companies. An asset is anything of value for example, the equipment that a company uses is an asset to the company. A liability is what a company owes. For example, an insurance payment is a liability. Revenue is the money a company receives during a period of time for services or products. The expense is what a firm accures for the product or services the are produces which takes from their profits. Income is the amount of money a firm has at the end of an accounting period. Cash is legal notes that can be used for payments. and retained earning are the earning that are not paid out to investors.
ReplyDeleteGOOD EXAMPLE AND GOOD WAY OF EXPLAINIGN IT!
DeleteBrenda,
DeleteI am glad you mentioned the fact that the statement of cash flows is a financial report that publicly traded companies are required to disclose to the SEC and the public. In this regards, the statement of cash flows is important because it helps investors see if a company is having trouble with cash or gaining profits.
balance sheet-a financial statement that shows what a firm owns, owes, and their investments
ReplyDeleteincome statement-a financial statement that shows how much a company makes in a fiscal year
statement of cash flow- a financial statement that shows the company's ability to generate cash
asset-what someone owns
liability-what someone owes
revenue-how much money a firm receive
expense-how much money a firm uses
income-how much money a firm receive in exchange for goods or services
cash-bank notes that can be exchanged for goods or services or pay off debts
retained earning-earnings a company gained after paying dividend
You're right with every answer that you answered to this discussion question, this is basically the revised version of accounting 1 and 2.
DeleteA balance sheet is what informs the company about it financial standing. This shows the companies position of its finances and what is owed. Income statement is a summary of how much a company has spent or mode over a certain period of time. Statement of cash flow is a record of a company finance reports. Assets is items that is own by a company, liability is what the company owes. Revenue is the profits that the company makes. Expense need to be paid, Cash is used to cover expense.
ReplyDeleteGood jod Dearrell! You gave some good definitions.
DeleteBalance sheet - what a organization owns refers to asset and liability
ReplyDeleteIncome statement- how much profit the organization has owns
Statement of cash flows- what is the business owning and work for it
Asset and liability is what the firms use to figure out the company goals throughout
the year
revenue and expensive - money coming in expensive money going out
cash retaining earning mean money saving up
You totally summed that up
DeleteBalance sheet is just a statement of your current finance. Income statement shows the profit and loss of the business. Assets are anything of value. Liabilities are when you are obligated to pay someone. Revenue money receive for a sale of a product or service. Expense money that is owed for the maintaining of the business. Income is money that is made in a particular time period. Cash is currency. Retained earning is earning that the corporation keeps instead of distributing it to the share holders.
ReplyDeleteI forgot about the part that retained earnings are not distributed to shareholders
DeleteA firm’s balance sheet, income statement, and statement of cash flows collectively tells the financial status or statement of a business. The balance sheet shows the financial stance at a given period of time, the income statement shows the results of the revenues minus the expenses and the statement of cash flows shows how the business used cash and income is the money earned for providing a service.
ReplyDeleteAssets are what the business own, liabilities are what is owed out to creditors, revenue is what is earned, expenses are the cost to run business or sell products, retained earnings is the net income brought in over a year or so, cash is a form of payment
IT COULD BE THE WAY THE COMPANY OPERATES AS WELL
DeleteDon't forget you can also have short-term and long-term liabilities that are taking from your expenses of your revenue.
DeleteA balance sheet, income statement, and statement of cash flows are all financial statements that depict a firm's financial standing. A balance sheet provides information about the firm's assets, liabilities and shareholder's equity. An income statement is a specific report that shows how much revenue the firm earned over a certain period of time. A statement of cash flows reports a firm's in-flows and out-flows of cash.
ReplyDeleteAsset: things that a company owns that have value
Liability: amounts of money that a company owes to others
Revenue: income a firm receives
Expense: costs acquired from a firm's operations
Income: monetary payments received
Cash: currency
Retained Earnings: portion of net income that is retained by the firm and not distributed to shareholders
CASH IS EQUAL TO CURRENCY GOOD EXAMPLE
Deletegreat explanation Richard. this explains everything clearly.
DeleteThis comment has been removed by the author.
ReplyDeleteThe balance sheet, together with the income statement and cash flow statement, make up the cornerstone of any company's financial statements. If you are a shareholder of a company. assets are cash, liability are obligations, revenue is profit from sells, expense is the amount used by a company, income is exchange from goods, cash is paid off debts and retained earnings is amount earned after debts are paid.
ReplyDeleteBalance Sheet- Current balance of a company's overall units that they own and their net income.
ReplyDeleteIncome Statement- An statement that explains a company's financial part of how well their productivity is performing, either their making a profit or losing profits.
Assets-property owned by a person or establishment and gets profit from monetary terms.
Liability- something that a company owes
Revenue- how much the company earns
Expense- how much money is being spent
Income- how much money a company receives for their services
cash and retained earnings- is the company's net income or how much they profit after annually
Right this basically sum up what I wrote
DeleteI income statement is a financial statement of a company's financial performance over a period of time. A balance sheet summarizes a company's liabilities, assests and equity at a certain time. A statement of cashflows is the revenue that changes in a cash account over a certain period of time. Assets and libilities are what you own. Revenue is the amount a company receives during a period of time. Income is money that is brought in from exchange for goods or from working. Cash is a legal tender that can be given in exchange for goods or services. Retained earings are retained for a company to pay a debt.
ReplyDeleteRemember that land and building is a part of your assets.
Deletegood answer Barbara the wording is very well put together and the answer is very specific.
Deletea balance sheet along with income statements, and statement of cash flow are all simply documented records for future observations and reviews for companies and auditors. these statements and balance sheets help record and keep things on track.
ReplyDeletean asset is anything belonging to a company
a liability is something that can cause problems or cost money to a company
revenue is money brought in
expense is anything the company must pay for or spend on
income is money earned by the company
cash retained is money held until it is to be fluctuated to its new account