Explain the three basic financial reports that a business uses in building a financial statement: the balance sheet, the income statement, and the statement of cash flows. What information is contained in each, what is their value to the small business owner, and how are they used to build financial statements? Write a paragraph for each question (3 Paragraphs).

Explain the three basic financial reports that a business uses in building a financial statement: the balance sheet, the income statement, and the statement of cash flows. What information is contained in each, what is their value to the small business owner, and how are they used to build financial statements? Write a paragraph for each question (3 Paragraphs).