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Financial statements are written record that convey the and the financial performance of the company. Financial statements are often audited by government agencies, accountants, firms, etc. To ensure accuracy and for tax, financing or investigating purposes. Financial statements include: Balance Sheet, Income Statement, Retained Earnings Statement, Cash Flow Statements.
A balance sheet provides detailed information about a company’s assets, liabilities and shareholders equity.
An income statement is a report that shows how much revenue a company earned over a specific time period (Usually for a yer or some portion of a year). It also shows the costs and expenses associated with earning that revenue. The literal “bottom line” of the statement usually shows the company’s net earnings or losses. This shows you how much the company earned or lost over the period.
Retained earnings is the amount of net income left over for the business after it has paid out dividends to its shareholders. A business generates earnings that can be positive (Profits) or negative (Losses).
Cash flow statement reports a company inflow of cash. This is important because a company needs to have enough cash on hand to pay its expenses and purchases assets. While an income statement can tell you whether a company made a profit, a cash flow statement can tell you whether a company generated cash.
Projected financial statements incorporate current trends and expectations to arrive at a financial picture that management believes it can attain as future date. At a minimum, projected financial statements will show a Summary-Level Income Statement, Balance Sheet and Cash Flow. This information is typically derived from a revenue trend line, as well as expenses percentages that are based on the current proportions of expenses to revenues.