Income Statement
Funds received?
Revenue
What you own that has value
Assets
This statement tells what is going in and what is coming out of the program
Cash Flow Statement
Name three standard financial reports
Income Statement, Balance Sheet, and Cash Flow Statement
Funds spent?
Expenses
What you owe
Liabilities
Cash received minus cash paid out equals
Net change in cash
Reflects A=L+OE?
Balance Sheet
Revenue minus expenses and taxes
Net Income
The value of your program
Net worth or Equity
A business must have cash in order to pay
Expenses
Name 1 Users or Audience of Financial Statements
Owner
Manager
Investor
Lender
Government Entities
Income statement shows your...
Bottom line/profit-loss
Tells the story of what your program owns and owes at a particular moment in time
Balance Sheet
What does the cash flow statement include
Cash in, cash out, cash remaining
Gross Profit is found on this Financial Statement
Income Statement
Sales- COGS =
Gross Profit
Assets minus liabilities equal
Equity
Cash flow statement will help you plan for cash need to pay for...
Future expenses
Financial Reports are required for ________ ___________ businesses.
Publicly Traded