Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and future prospects.Income statement Gives details about the firm’s sales, costs, and profits for the past accounting period. Has three segments that when analyzed together give an idea of what the company owns and what it owes. Aggregates all cash inflows, which the company receives from its ongoing activities and investment sources, and all cash outflows. Reconciles (1) the amount of retained earnings recorded at the beginning of the reporting period, (2) changes during that period, and (3) the amount of retained earnings at the end of the reporting period.