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Explain the characteristics and functions of statements

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Reference no: EM132644870

Question - You are a CPA working with sole proprietors. Several of your clients are considering incorporating because they need to expand and grow. One client is curious about how her financial reports will change. She's heard that she may need to prep a statement of retained earnings and a statement of stockholder's equity. She's confused about the difference between the two and what they report. How would you explain the characteristics and functions of the two types of statements?

Reference no: EM132644870

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