Week 4 – Discussion 1No unread replies.11 reply.Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Refer to the Discussion Forum Grading Rubric under the Settings icon above for guidance on how your discussion will be evaluated.Balance Sheet [WLOs: 1, 2, 3, 4] [CLO: 5]Prior to beginning work on this discussion, review the following:Chapter 6 in the textbookWrite: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper(Links to an external site.) resource from the Ashford Writing Center for proper use of citations.The balance sheet consists of elements that represent incomplete accounting cycles. As a result, the cumulative balances will carry over into the next accounting period. Discuss how the balance sheet can be used to project the cash-generating ability of an entity.Guided Response: Respond to at least two of your classmates by commenting on their posts. Illustrate your point with examples whenever possible, and tie your examples to real-world situations. Though two replies are the basic expectation for class discussions, for deeper engagement and learning, you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.Attendance Notification: To meet attendance requirements in this class, you must post to the discussion board at least once every seven days. Completing work in MyAccountingLab does not count as attendance.