preparation and Interpretation of Financial Statements p1. A list of financial statement items…
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preparation and Interpretation of Financial Statements
p1. A list of financial statement items follows.
Utilities expense Building Common stock Net income Land Equipment Revenues
Accounts receivable
Accounts payable Rent expense Dividends
Fees earned Cash Supplies
Wages expense
reQUIreD
1. Indicate whether each item is found on the income statement (IS), statement of retained earnings (RE), and/or balance sheet (BS).
2. BUsiness appliCation ▶ Which statement is most closely associated with the goal of profitability?
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