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Author Question: What is the connection between the income statement and the balance sheet? (Read 50 times)

BrownTown3

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on: Apr 25, 2021
What is the connection between the income statement and the balance sheet?
◦ The income statement captures the flow of activity during the year and the balance sheet is a 'snapshot' of the company at the end of the year.
◦ The income statement shows the profit earned by the owners and the balance sheet shows the book value of the owner's equity.
◦ Net income (minus dividends) is added to retained earnings in the balance sheet.
◦ Accounting laws require that companies report both statements.
◦ The cash flow statement draws from both the income statement and the balance sheet.
Corporate Finance Online ¦ Eakins, McNally ¦ 2nd Edition
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Marked as best answer by BrownTown3 on Apr 25, 2021

orangecrush

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Reply #1 on: Apr 25, 2021
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BrownTown3

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Reply 2 on: Apr 25, 2021
YES! Correct, THANKS for helping me on my review

xoxo123

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Reply 3 on: Yesterday
Wow, this really help

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