Footnotes

Construct three appropriate footnotes for the balance sheet and income statement, including footnotes for inventory and fixed assets. Discuss the following as a Learning Team: •Why are footnotes useful? •Why are footnotes important to the financial statements?
•What additional financial information can be provided in the footnotes? •What is your experience in creating footnotes? Write a summary of no more than 500 words of the Learning Team discussion. Submit the footnotes and Learning Team discussion summary.