Class 3 (Chapter 5). 2. Balance Sheet: Usefulness. Displays the assets, liabilities and equity of the firmThe balance sheet provides information for evaluating the capital structure/financial risk of the firmThe balance sheet in conjunction with the income statement provides information useful in analyzing the firm\'s:financial performance short-term liquidity (ability to pay current liabilities)solvency (ability to pay interest and debt, as it matures).
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