Information in the Financial Statements A financial statement is a summary of all the financial transactions that have oocuirred over a particular period. Financial statements indicate a frm's financial health and stability, and are key factors in management decision making. Thaf's why stockholders, bondholders, banks, labor unions, employees, and the Internal Revenue Service are all interested in a firm's financial statements. The major three financial statements contain data that is often confusing to many students, yet when the data is placed in its oorrect location, the financial statements bring forth a wealth of information. Please analyze and place each item in the appropriate financial statement to which it belongs a. Balance Sheet b. Income Statement c. Statement of Cash Flow1. Owner's equity 2. Land 3. Patents 4. Costs of Goods Sold 5. Income tax 6. Insurance expense 7. Net change in cash 8. Cash Balance 9. Accounts Receivable10. Revenues11. Long-term liabilities12. Advertising expense