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This document contains the financial statements for the City of Racine, Wisconsin, including the independent auditors\' report for the year ended December 31, 2015. It outlines the city\'s financial position, management\'s discussion and analysis, auditor\'s responsibilities, and detailed financial information about governmental and business-type activities, including capital assets and long-term obligations.

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How to fill out financial statements 2015

01

Gather all necessary financial information, including income, expenses, assets, and liabilities for the year 2015.

02

Choose the appropriate financial statement format: balance sheet, income statement, or cash flow statement.

03

Input revenue and sales figures into the income statement, subtracting costs to determine net income.

04

List all assets, liabilities, and equity on the balance sheet, ensuring that assets equal liabilities plus equity.

05

Document the cash inflows and outflows for the cash flow statement, categorizing them into operating, investing, and financing activities.

06

Review all entries for accuracy and compliance with financial regulations.

07

Ensure all statements are complete and ready for presentation to stakeholders.

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Business owners for assessing performance and financial health.

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What is financial statements?

Financial statements are formal records of the financial activities and position of a business, organization, or individual. They include the balance sheet, income statement, and cash flow statement, which provide a summary of financial performance and position.

Who is required to file financial statements?

Typically, publicly traded companies, nonprofits, and certain private companies are required to file financial statements. Specific requirements may vary by jurisdiction and regulatory body.

How to fill out financial statements?

Filling out financial statements involves gathering financial data from accounting records, compiling it according to accounting principles, and organizing it into the necessary forms such as the balance sheet, income statement, and cash flow statement.

What is the purpose of financial statements?

The purpose of financial statements is to provide stakeholders with a clear understanding of a company's financial performance and position, facilitating informed decision-making by investors, creditors, and management.

What information must be reported on financial statements?

Financial statements must report information including assets, liabilities, equity, revenue, expenses, and cash flows, as well as notes that explain accounting policies and other relevant information.

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