XACC 280 Week 1 DQ 2 - 8043

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Request Description

There are four basic financial statements companies have; the income statement, the retained earnings statement, the balance statement, and a cash flow statement. These are all used in the same general way by different companies. 

Solution Description

The income statement is a general report about how the company has done over a given period of time. Companies can use this type of statement to inform them whether or not they are on the right track to success. They can be printed out for specific time frames as well as month to month or even year to year.

The retained earnings statement is