After a careful review of the article, write a 2-3 page summary in a Word document in response to the following questions:Consider these three financial reporting elements of a company: the income statement, balance sheet, and statement of cash flows. What financial reporting issues might surface in the coordination of these reports? Please present hypothetical viewpoints that could come about.Perform a vertical and horizontal analysis of the income statement in the Harvard study and report your findings as to future performance of the company.If you were the accountant for Amalgamated Hat Rack in the Harvard article, what do you feel would be required disclosures in the notes based upon your review of the financial statements? Please consider the full disclosure principleFinancial statement analysisThere are three types of financial statements. The three most important financial statements arethe balance sheet, income statement and the cash flow statement. There…