Explain the basic formats of financial statements.

There are three main parts to this case that require you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below.Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the Module background. Explain why these concepts are important to financial statements.Explain the basic formats of financial statements, such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.The submission should be 3- to 6-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format. 

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