Financial statements are reports on the financial performance of organizations. they provide data on

Financial statements are reports on the financial performance of organizations.  They provide data on

a. The organization's profitability and goal achievement

b. Changes in the Cash flows and positions, according to activities

c. Financial position in terms of assets, liabilities, and stockholders' equity

Explanation:

The financial statements that provide the above data are the Income Statement, the Statement of Cash Flows, and the Balance Sheet.  They are the main financial statements required by GAAP and investors who want to analyze the organization.  In the case of governmental and non-profit making organizations, their income statement is known as a Statement of Revenue, Expenses, and Changes in Net Assets.

The profit of an individual firm increases from zero to a positive value.

Explanation:

The market demand will increase (shift right) as a result of the product's newfound popularity. The market price will increase in the short run, and as a result, the firm’s economic profit will rise from 0 to a positive value in the short run.