This statement shows how profitable a company is. It is sometimes referred to as the profit and loss (PsL) statement. Statement 2: ABC Company This statement summarues the Which item frem this foancial statement appezs on the next financial statement? This statement shows how invech, if any, of the net income is distributed to the owners. It is sometimes eaponded to show changes so alt equity items. Statement 3: This statement summarizes the Which item tram this financial statement appean on the next financlal statement? This statement refects the accounting equation, It is sometimes referred to as the statement of financial position. Seatement 4: ABC Company This statement summartes the This statement is created using isformation from tav other foundal statements. Therefore, it is crested last: 7. Relationships between the financial statements The following set of four basic financial statements is prepared at the end of each accounting period to communicate information about the company's operations during that period to its users. There is a natural progression from one statement to the rext. This problem is designed to help you understand the purpose of each statement and how the statements interact. Use the selection lasts to demonstrare your knowiedge of the relationships between the statements. In the headings, you wil need to select the appropriate statement name and time period. (Hint: Ask yourself if the statement covers a period of time or if it is a saspahot at a given point in time. Then complete the blanks following the headings.) Statement 1: This statement shows how prontable a company is, ft is sometimes referred to as the prefit and less (psi) statement. Statemen 2 This statement shows how profitable a company is. It is sometimes referred to as the profit and loss (PsL) statement. Statement 2: ABC Company This statement summarues the Which item frem this foancial statement appezs on the next financial statement? This statement shows how invech, if any, of the net income is distributed to the owners. It is sometimes eaponded to show changes so alt equity items. Statement 3: This statement summarizes the Which item tram this financial statement appean on the next financlal statement? This statement refects the accounting equation, It is sometimes referred to as the statement of financial position. Seatement 4: ABC Company This statement summartes the This statement is created using isformation from tav other foundal statements. Therefore, it is crested last: 7. Relationships between the financial statements The following set of four basic financial statements is prepared at the end of each accounting period to communicate information about the company's operations during that period to its users. There is a natural progression from one statement to the rext. This problem is designed to help you understand the purpose of each statement and how the statements interact. Use the selection lasts to demonstrare your knowiedge of the relationships between the statements. In the headings, you wil need to select the appropriate statement name and time period. (Hint: Ask yourself if the statement covers a period of time or if it is a saspahot at a given point in time. Then complete the blanks following the headings.) Statement 1: This statement shows how prontable a company is, ft is sometimes referred to as the prefit and less (psi) statement. Statemen 2