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(1) What is a single-step Income Statement and how does it differ from a multiple-step Income Statement? Discuss the benefits or drawbacks of each. Why

(1) What is a single-step Income Statement and how does it differ from a multiple-step Income Statement? Discuss the benefits or drawbacks of each. Why would a business choose one over the other?

(2) Consider the Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Owner's Equity. In which order should these be prepared and why?

3. How do you calculate the ratio of sales to assets and what does a high ratio indicate?

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