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The basic formula that accountants use is equivalent to the following calculus:
Below you can find the three main statements used by accountants in order to asses a business’s financial health and ability to generate profit. Fit the right description for each of them:
- include all cash a business receives from its operations, investments, and financing.
- provide snapshots of organizations’ liabilities, assets, and equities at specific moments in time
- show the expenses, costs and revenues for a company during a specific time period.
Cash flow statements
Profit and loss statements
In September 2020, your firm has the following balance sheet. Complete the missing information in the table, using the formula learned today.
ASSETS Cash 10.000 $ Cash equivalents 6.000 $ Savings 2.000 $ Equipment 13.000 $ TOTAL ASSETS ? $ LIABILITIES Taxes 2.000 $ Loans 6.000$ Term debts 3.000 $ TOTAL LIABILITIES $ FIRM’S EQUITY TOTAL EQUITY $