Final answer:
The question refers to the financial statements of Crane Company for the year ended December 31, 2020, which include the balance sheet, income statement, cash flow statement, and retained earnings statement. These statements collectively provide a comprehensive overview of the company's financial position, performance, and cash flows.
Step-by-step explanation:
The Crane Company has provided several different financial statements for the year ended December 31, 2020. These are key components of a company's financial reporting and include the balance sheet, income statement, cash flow statement, and the retained earnings statement. Each of these documents serves a specific purpose:
- The balance sheet shows the company's financial position at a point in time, listing assets, liabilities, and shareholder equity.
- The income statement, also known as the profit and loss statement, summarizes revenues and expenses, resulting in a net income or loss over a specified period.
- The cash flow statement illustrates the cash generated and used during the year in operations, investing, and financing activities.
- The retained earnings statement shows the changes in retained earnings over the reporting period.
Understanding these financial statements is crucial for stakeholders to assess the company's financial health and performance.