What equation describes the income statement

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Reference no: EM131261129

1. Define current assets and current liabilities. Why are current assets and current liabilities separated from noncurrent assets and long-term liabilities on the balance sheet?

2. Describe how items are ordered within the current assets and current liabilities sections on a balance sheet.

3. Name the two main components of stockholders' equity. Describe the main sources of change in each component.

4. What equation describes the income statement?

Reference no: EM131261129

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