Financial Statements

Paper Summary:

This paper describes the balance sheet, the income statement and the statement of cash flows. It examines three companies, Exxon Mobil, Ford Motor Company and Microsoft, and asks and answers questions about their financial condition and future prospects

From the Paper:

"A Balance Statement is a financial statement showing assets, liabilities and net worth at a specific time. Under generally accepted accounting principles (GAAP) the following rules apply to the creation of balance sheets: assets are to be defined as items of value both tangible and intangible that a company owns or controls; liabilities are debt sowed by an organization; equity is a residual account; equity equals assets minus liabilities; current assets are assets that will become cash in the ordinary course of business within one year..."

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