Understanding the purposes of financial statements

Lila Corentine is an aspiring entrepreneur and your friend. She is having difficulty understanding the purposes of financial statements and how they fit together across time. Required • Write a one-page memorandum to Corentine explaining the purposes of the four financial statements and how they are linked across time. Basic Requirements Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads. Do not attach word documents. Use your book and Internet as sources. APA style not required. Substantive Response and Replies A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies. Grading Rubric (20 points for each BTN) 15 points for a substantive response by Sunday of the due date (between 125-150 words minimum) 5 points for two classmate replies by the following Sunday (50 words minimum)-late replies not accepted       BTN 4-4 (Chapter 4) You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks you overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system. Required • Prepare a brief memorandum that responds to the owner's concerns. Basic Requirements Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads. Do not attach word documents. Use your book and Internet as sources. APA style not required. Substantive Response and Replies A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies. Grading Rubric (20 points for each BTN)