Business > CASE STUDY > FIN565_WK1.doc Overview of Financial Statements FIN/575 Overview of Financial Statemen (All)

FIN565_WK1.doc Overview of Financial Statements FIN/575 Overview of Financial Statemen

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FIN565_WK1.doc Overview of Financial Statements FIN/575 Overview of Financial Statements Lifetouch Inc. is a photography company that allows its photographers to shoot in a studio and on location.... Over the years the company has ceased to move forward ending in 2017, luckily it was acquired by another company right before they closed. The photography business has always been a passion and to see the financial statements from a failed company can help to create the chances of not recreating the same mistakes. This paper will identify the salient information from the financial statements of Lifetouch Inc. Next, this paper will identify the company's net income, total assets, and total net cash flow. Then, it will explain how financial statements are connected. Lastly, this paper will examine how financial statements are important to the entrepreneur. Lifetouch Inc. Financial Statements The three important parts of the financial statements are the income statement, balance sheet, and the statement of cash flow they all provide information about a company's accounting period over a specific time (Chen, 2019). The income statement mainly concentrates on the revenues and expenses for the company during a specific period (Chen, 2019). The balance sheet shows the company's assets such as the liabilities and net worth (Investopedia Staff, 2019). The statement of the cash flow will reveal information regarding the cash inflows that the company has reviewed from its operations and external invest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . [Show More]

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