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Explain purposes of the income statement and balance sheet

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Reference no: EM131385045

1. What is the relationship between an income statement and a balance sheet?

2. Explain the purposes of the income statement and balance sheet.

3. Distinguish among

(a) gross profit,

(b) operating income (earnings before interest and taxes), and

(c) net income available to owners

Reference no: EM131385045

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