relationships among financial statements
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Explain the relationships among the income statement, the statement of retained earnings, and the balance sheet.
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Solution Summary
Relationships among the income statement, the statement of retained earnings, and the balance sheets are examined.
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The income statement shows the profit/loss made by company during the financial year. It displays all the revenues earned by the company along with total costs incurred by the company for earning these revenues and thus, the sebsequent result of the operations of the company during a particular financial year. The profit or loss calculated by the income statement is added or subtracted from the statement of retained earnings. Statement of ...
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