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What is the purpose of a balance sheet

Problem: Financial Statements

Answer each of the following questions in detail. Provide insightful answers and descriptions.

Task:

• What is the purpose of a Balance Sheet?
• What are the typical categories and sub-categories for a balance sheet?
• What is the purpose of a Income Statement?
• What are the typical categories and sub-categories for an income statement?
• What is the purpose for the Statement of Cash Flows?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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