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Week 6 DQsDiscussion QuestionWeek 6 DQ1Due Week 6 Day 2 (Tuesday)Post your response to the following discussion question by clicking onReply.Peachtree generates several financial statements based on the information entered. Identify and briefly summarize each financial statement. How are these statements used? Why is it important that these statements are accurate?Week 6Discussion Question 1Peachtree generates six financial statements.1.Balance sheet- lists assets, liabilities, and capital of a business for a specific period-of-time.2.Gross Profit by Departments- report so users can evaluate each departments profitability or cost effectiveness.3.Income Statement- summary of revenues and expenses during a specific period. States a net loss or profit for a specific period.4.Statement of Cash Flows- answers three questionsa.Where did cash receipts come from?b.What were cash payments?c.What was the overall change in cash?5.Statement of Retained Earnings- shows the beginning and ending retained earnings, changes during the period, an

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