In 600-750 content words, respond to the following with references please:• What is the purpose of the income statement? Identify the major types of expenses that are shown on the typical income statement.• What is the purpose of the balance sheet? Identify the major types of assets and the claims of creditors and owners shown on the typical balance sheet.• What are the three different accounts that comprise the owners’ equity section on a typical corporate balance sheet?• What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.• Identify the three categories of ratios that a business may use in an analysis of its financial statements. Describe the benefits of calculating these ratios.