Identify and describe the major sections in the balance sheet. Identify and describe the basic elements of an income statement. Identify and describe the basic categories of cash flows reported by a statement of cash flows.

Part 1 There are 3 basic types of financial statements: balance sheet, income statement, and cash flow. Identify and describe the major sections in the balance sheet. Identify and describe the basic elements of an income statement. Identify and describe the basic categories of cash flows reported by a statement of cash flows. Part 2 You have a company’s balance sheet, its income statement, and its statement of cash flows. Which would you refer to if you wanted to know if a company made a profit last year? If you wanted to find out whether the firm had any intangible assets? If you wanted to know why its cash balance had changed over the past year? If you wanted to know how much debt the firm had used to finance its assets? If you wanted to know what the firm’s operating expenses were for the past year? 250 word minimum