The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description. Description Statement or Report Annual report Statement of retained earnings Balance sheet Statement of cash flows Annual report Income statement Is required by the SEC and includes the audited document that shows the company's financial results for the past year and management's discussion about the future outlook and plans Gives details about the company's cash at the beginning of the year and what is left at the end of the year, including some details about where cash was generated and where it was used during the course of the year Reconciles (1) the amount of retained earnings recorded at the beginning of the reporting period, (2) changes during that period, and (3) the amount of retained earnings at the end of the reporting period Is divided into two important parts: operating and nonoperating sections; also known as the profit and loss statement Has three segments that when analyzed together give an idea of what the company owns and what it owes Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table: Balance Sheet Statement of Cash Flows How much cash is a firm generating through operating, investing, and financing activities? How much debt and equity has the firm issued to finance its assets