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Hello and welcome Hello and welcome back to Accounting Stuff. Iamp;#39;m James and today weamp;#39;re talking financial statements. The income statement, the balance sheet and the cash flow statement. Iamp;#39;m going to try and explain all the basics in under eight minutes which is going to be a challenge because we have a little puppy here whoamp;#39;s uh trying to bite my finger. So letamp;#39;s get started! What are financial statements? Financial statements are reports that summarize the activities and financial performance of a business. Theyamp;#39;re prepared at the end of each accounting period and theyamp;#39;re designed to give investors and lenders a feel for a businessamp;#39;s financial health. The three main financial statements are the balance sheet, the income statement and the cash flow statement. Now Iamp;#39;ll explain how each of these work with an example. Tea-licious is a family-run business that produces a popular blend of