After reading our textbook, slides and watching the lecture video, thoroughly answer the following questions using your own words. Doing so should produce about 100 words per question. Describe the importance of accounting information and explain who uses them. Provide the accounting equation and detail each of its components. Describe a balance sheet and how it reflects a firm's financial situation. Clarify what items are listed as assets on the balance sheet and how they are organized. Detail what are listed under liabilities on a balance sheet and how these items are organized on a balance sheet. Summarize what an income statement is and describe its components (include examples). Describe how the income statement may be used to understand a company's financial standing and profitability?