Title: Prepare financial statements for a merchandising business.
Course: Accounting (12104-I) > Section: Understanding the Accounting Cycle for a Merchandising Business

Preparation could include

- an income statement that shows profit or loss over a period of time
- a balance sheet that shows assets including
  - intangible assets
  - liabilities (including both short- and long-term liabilities)
  - owner’s equity as of a specific date
  - statement of cash flow
- a statement of owner’s equity (including retained earnings) that shows changes in capital over a period of time.