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Prepare a balance sheet and operating income

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Explain how the ledger provides the information needed to prepare: the balance sheet and the operating statement

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The expert prepares a balance sheet and operating income statement.

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Explain how the ledger provides the information needed to prepare: the balance sheet and the operating statement.

A balance sheet is the statement showing the financial condition of the company on a particular date. For the preparation of the balance sheet, we need to know the balances of all the accounts (both liabilities and asset accounts) on a particular date i.e. balance sheet date. The ledger provides the balances of all the accounts on the date of balance sheet. ...

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