Research Paper-Please describe the purpose of the Income Statement and the interrelationship between the income statement and the other major financial statements that we covered in this class.

Research Paper-Please describe the purpose of the Income Statement and the interrelationship between the income statement and the other major financial statements that we covered in this class.

Please describe the purpose of the Income Statement and the interrelationship between the income statement and the other major financial statements that we covered in this class.

In your answer, please also address which financial statements should be created before the Income Statement, if any, and which financial statements need to be completed after the Income Statement, if any.

Question 2.2. (TCO E) Your friend, Lisa, plans to open a nail salon. Lisa states that she does not have time to develop and implement a system of internal controls.
(a) Explain to Lisa the components of internal control. (10 points)
(b) Explain to Lisa at least 5 internal control procedures she must establish to protect herself against fraud. You should state specific internal control procedures from the textbook, and relate your answer to her nail salon business.