How is the income statement related to the balance sheet

Reference no: EM132688053

Question 1. What is the formula for the income statement? What information is this statement designed to provide?

Question 2. Just like the balance sheet distinguishes current assets from non-current ones, it also reports current and non-current liabilities? What is the difference between these two categories. Why do we distinguish current items from non-current ones?

Question 3. How is the income statement related to the balance sheet?

Reference no: EM132688053

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