Discussion Post: The Balance Sheet
Textbook: Foundations in Accounting, Finance, and Economics w/Connect, 1st Edition. Custom. McGraw-Hill
o Chapter 1: Accounting: The Language of Business
o Chapter 2: Analyzing Business Transactions
Task
What is the purpose of the balance sheet? Be sure to discuss the three key elements that make up the balance sheet. How does the balance sheet relate to the income statement?
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.