This is a financial statement paper – it is a look into a business of your choice; their balance sheet, income, and cash flow statement. It is due on Monday, June 24, 2019. You must keep in line with APA formatting. The instructor also wants at least one peer-review from the university of phoenix library I have list two peer-reviews from the ebscohost data base for your reading. Please read all of the instructions.
Overview of Financial Statements Paper [due Mon]
Resource: Overview of Financial Statements Grading Guide
Purpose of Assignment
The purpose of this assignment is for students to utilize critical thinking skills to understand the information contained within a company’s financial statements and how they articulate with each other.
- Develop a 700-word evaluation on the Overview of Financial Statements using the following as guides:
- Locate a financial statement (income, balance, statement of cash flow) for a company similar to one you wish to create.
- Identify the salient information contained in the financial statements (income statement, balance sheet, statement of cash flow).
- Identify the company’s net income (income statement), total assets (balance sheet), and total net cash flow (statement of cash flow).
- Explain how financial statements (income, balance, statement of cash flow) are connected to each other.
- Examine the importance and the relevance of financial statements for the entrepreneur.
- Cite a minimum.
THE CHANGING WORLD OF FINANCIAL SERVICES
The pace of change in the nation’s financial-services industry, a behemoth with five million employees and $16 trillion in assets, is accelerating under the combined pressures of demographics, technology, and consumer expectations These changes are directly affecting the way that small-business people run their enterprises and manage their business and personal finances. Small businesses are, for example, working with banks to develop high-tech point-of-sale systems, turning to securities firms for financial-management advice, and asking insurance companies to develop pension plans suited to the realities of the ’90s–largely in response to the new flexibility in financial services. Those and the many other industry offerings reflect the intensified competition within and between segments of the financial industry as it moves toward the 21st century. The role of demographics in this evolution is particularly important because of the presence of that vast group born between 1946 and 1964–the baby boomers. More than 75 million strong, they grew up in generally prosperous times and have had a major impact on the economy at each stage of their lives. For instance, housing values throughout the country soared in the 1970s and 1980s as baby boomers married and started families. Now, the first members of their generation are nearing 50 (see the chart on the next page), and financial planning is becoming more important to them.
A report by James Chessen and Gaff Bolcar of the American Bankers Association (ABA), in Washington, D.C., describes the older baby boomers this way: “They are entering their peak earning years. Retirement planning, money management, and financial advice will take on added importance. Large intergeneration transfers of funds [from parents to baby boomers] will begin to take place over the next few years, which will augment this trend.”
Many individuals both younger and older than the 1946-64 generation are, of course, equally concerned about financial planning, particularly in view of the trend toward giving employees, rather than employers, the principal role in determining how retirement funds are invested–in Individual Retirement Accounts and other tax-sheltered pension plans, for example. Increasingly, that determination involves computer technology, as more and more Americans enter their working years capable of using computers for financial research. And the impact of technology is by no means limited to research. It is also making possible financial arrangements that invoke small-business people in a variety of ways.
Here are just a few examples of the changes that are taking place in the way financial matters are handled by businesses:
The changing world of financial services. By: Szabo, Joan C., Nation’s Business, 0028047X, Oct94, Vol. 82, Issue 10
Personal and business financial statements: how their objectives differ.
This article focuses on the difference between the objectives of personal financial statements and business financial reports. The primary focus of the financial of business enterprises is earnings information and while the personal financial statements’ primary focus is the information on resources and obligations. Moreover, individuals generally use financial statements to assess current financial conditions and to plan the financial affairs and business managers often use special-purpose information. Furthermore, financial reports of business enterprises usually provide information on the stewardships of managers and while individuals do not have financial managers. Finally, financial reports of business enterprises usually provide information to users who lack authority to prescribe the information and while the users of personal financial statements of personal financial statements often have the authority to prescribe the information.
Rosenfield, Paul1, Rubin, Steven2, Smith, G. Stevenson3
Source: Journal of Accountancy. Jul1981, Vol. 152 Issue 1, p94-98. 4p.
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