ACCT501 - Assignment I (DUE BY AUGUST 23 MIDNIGHT) a) OVERVIEW OF FINANCIAL STATMENTS Complete the following table. Financial Statement Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows Purpose Equation b) BASIC BALANCE SHEET ELEMENTS Match each account to its classification on the balance sheet. Account a. Notes Payable b. Cash. c. Common Stock d. Supplies e. Accounts Receivable f. Accounts Payable g. Equipment h. Notes Payable Asset Liability Stockholders" Equity i. Retained Earnings c) BEFORE DECIDING TO BECOME A PUBLIC COMPNAY WHAT ARE THE ADVANTAGES AND DISADVANTAGES YOU NEED TO CONSIDER? Activ Go to