Use our textbook as a reference and thoroughly answer the following questions:
1-State the accounting equation and detail each of its component.
2-Explain what a balance sheet is and describe how it reflects a firmâ€™s financial situation.
3-Describe the items listed as assets on the balance sheet and explain how these items are organized.
4-Detail what are listed under liabilities and clarify how these items are organized on a balance sheet.
5-Define the income statement and describe its components in detail.
*The quality of information, depth of analysis, and well-formulated recommendations are critical for assignment grades.