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We, at Risley, CPA, provide financial statement preparation services for our clients for use by management and others closely related to the company. These financial statements are neither compiled, reviewed or audited.
The purpose of Financial Statements is to provide information about the financial position, performance and changes in financial position of a company that is useful in making economic decisions. Financial Statements should be understandable, relevant, reliable and comparable.
The basic Financial Statements of a company include the 1) Balance Sheet, 2) Income Statement, 3) Cash Flow Statement, and 4) Statement of Retained Earnings.
Balance Sheet (Statement of Financial Position)
The Balance Sheet presents the financial position of a company at a given date. It is comprised of the following three elements:
Income Statement (Profit & Loss Statement)
The Income Statement reports the company's financial performance in terms of net profit or loss over a specified period. The Income Statement is composed of the following two elements:
Net profit or loss is arrived by deducting expenses from income.
Cash Flow Statement
The Cash Flow Statement presents the movement in cash and bank balances over a period. The movement in cash flows is classified into the following segments:
Statement of Changes in Equity (Statement of Retained Earnings)
The Statement of Changes in Equity details the movement in owners' equity over a period of time. The movement in owners' equity is derived from the following components: