Based on Shultz's (2006) article, describe the three financial statements used by businesses and what each is designed to report. Are you aware of these reports being used in your business?

The balance sheet is a representation of a company's financial standing. Company assets, liabilities, and equity are represented on the balance sheet. Organizations can compare company trends by monitoring the balance sheet over specific periods of time. The greatest advantage of the balance sheet is the reflection of available cash and company assets on hand at any given date.

The profit and loss statement (P&L) allows organizations to review revenue, company expenses and the amount of profit or loss incurred over a specific time period. The statement is a valuable tool for predicating an...