A friend of yours, Timorous (“Tim,” for short) Ghostly, who has never taken an accounting course, has been assigned a short speech in his speech class. In this speech, Tim must describe the financial statements of a company. Tim has come to you for help (with his professor’s permission). He says, “Please describe what financial statements are, what the major financial statements are, and what each financial statement includes.” Prepare a written response to Tim’s request.  L o 1