• What is typically included on each statement?
• Why do the statements appear in the following order?
  • Income Statement
  • Retained Earnings Statement
  • Balance Sheet
  • Cash Flow Statement

**************SHORT ANSWERS FRO BOTH PLEASE*************

Explain the difference between debt and equity:

• What is the definition of debt and equity (what are some examples of liability accounts and equity accounts)?
• What are two examples of debt transactions for a retail corporation?
• What are two examples of equity transactions for a retail corporation?
• What are some reasons why a corporation would obtain cash from borrowed funds from a bank versus cash from selling stock to shareholders?