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CAMBRIDGE MEMORIAL HOSPITAL FOUNDATION FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2020MARCH 31, 2020 CONTENTSPageIndependent Auditors\' Report12Financial Statements Statement of Operations and Changes
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Start by gathering all the necessary financial documents such as income statements, balance sheets, and cash flow statements.
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Review the financial statements to ensure accuracy and completeness.
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Fill out the income statement by recording all the revenues and expenses for the given period.
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Move on to the balance sheet and record all the assets, liabilities, and owner's equity.
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Financial statements are formal records of the financial activities and position of a business, organization, or individual.
Corporations, limited liability companies, and other entities that require public accountability are typically required to file financial statements.
Financial statements are filled out by compiling financial information from accounting records, ensuring adherence to applicable accounting standards and regulations.
The purpose of financial statements is to provide stakeholders with an accurate depiction of an entity's financial performance and position.
Financial statements must report information such as income, expenses, assets, liabilities, and equity.
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