Balance Sheet
The Balance Sheet is a financial statement which indicates what you own and what you owe at a specific point in time. It lists Assets (what is owned), Liabilities (what is owed), and Shareholders’ Equity (net worth).
Income Statement (Profit & Loss Statement)
The Income Statement (or Profit and Loss Statement) helps to determine whether a business is operating at a profit or a loss for a given time period of one month to one year. It is prepared using the accrual basis. The revenue and expenses are recorded when they are incurred, not when they are paid. Income Statements record operating activities.
Cash Flow Statement
A Cash Flow Statement is a financial report that shows where a business’s money is coming from and where it’s going. In its simplest form, a Cash Flow Statement is presented in the following format: beginning cash balance plus cash inflows minus cash outflows equals ending cash balance.
Financial Statements Overview
The Beginning Balance Sheet is where you are. The Ending Balance Sheet is where you end up. The Cash Flow and Income Statements are what happens in-between.
Generic Financial Statements
The generic financial statements document below includes the balance sheet, income statement, ratios, and a cash flow forecast.
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