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Financial Statements

Financial Statements - and shows the company's net income...

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Financial Statements Financial statements are prepared immediately after the adjusted trial balance. Knowing  how to record transactions, make adjusting entries, and create trial balances gives you a  greater under-standing of the information financial statements contain. Income statement . The income statement, which is sometimes called the statement of  earnings or statement of operations, lists all revenue and expense account balances 
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Unformatted text preview: and shows the company's net income or net loss for a particular period of time. This statement may be prepared using a single-step or multiple-step format. The single-step format puts revenue and expense accounts into separate groups. Then, total expenses are subtracted from total revenues to determine the net income or loss....
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