Financial statement relationships: Financial statements are dependent on each other for financial reporting

  • The income statement calculates net income or loss
  • Net income is added or a net loss is deducted from retained earnings on the balance sheet at end of accounting period
  • The statement of cash flows uses net income and changes in balance sheet accounts to present the cash ins and outs
  • The statement of shareholders’ equity reports the balance sheet equity detail

Write Off Apps

App for Entrepreneurs to Learn Tax Savings, Structure Right, & Grow Their Business with an Easy Game. A player chooses a character and plays each round against an opponent answering questions and learning on how to structure a business right, pay less tax, and more along the way. It is a fun and interactive way to learn all you need fast!

Free Cheat Sheet

Free Cheat Sheet

Subscribe for your free Cheat Sheet and to start your Know Your Numbers Journey

« Back to Glossary Index