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BASIC FINANCIAL STATEMENT ANALYSIS Wednesday, SEPTEMBER 23, 2015, 9:00 a.m. 4:00 p.m. Associated Financial Group N16 W23250 Stone ridge Drive, Suite 5 Waukesha, WI 53188 Presented by the RMA Wisconsin

How to fill out basic financial statements

How to fill out basic financial statements:

1. Start by gathering all relevant financial information, such as income statements, balance sheets, and cash flow statements. These documents will help you understand the financial health of your business.
2. Organize the financial information in a structured manner. This includes categorizing income and expenses, calculating totals, and ensuring accuracy.
3. Begin with the income statement, which shows the revenue and expenses over a specific period. List all sources of income, such as sales or services rendered, and subtract all expenses, including salaries, rent, utilities, and taxes. The result will be the net income or loss for the period.
4. Move on to the balance sheet, which provides a snapshot of the company's assets, liabilities, and equity. List all assets, such as cash, accounts receivable, inventory, and property, and record all liabilities, such as loans, accounts payable, and accrued expenses. Finally, calculate the equity, which represents the owner's stake in the business.
5. Finally, fill out the cash flow statement, which tracks the inflows and outflows of cash during a specific period. Classify the cash flows into operating activities, investing activities, and financing activities. This statement helps analyze how cash is generated and used within the business.

Who needs basic financial statements:

1. Small business owners: Basic financial statements are essential for small business owners as they provide insights into the financial health of their company. It helps in decision-making, budgeting, and evaluating performance.
2. Investors: Potential investors or lenders often require basic financial statements to assess the profitability and stability of a business before providing funding. These statements give them a clear understanding of the company's financial position.
3. Government entities: Basic financial statements are necessary for government entities, especially for tax purposes. Accurate financial statements help businesses comply with tax laws and avoid penalties.
4. Stakeholders: Various stakeholders, including employees, suppliers, and customers, may also benefit from basic financial statements. They can use these statements to determine the financial stability and reputation of the business.

Overall, basic financial statements are essential for anyone involved in managing, investing, or evaluating a business's financial performance and stability.

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