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1. Why does an accountant need to prepare an income statement? 2. How does a statement of owner's equity depend on an income statement? 3.

1. Why does an accountant need to prepare an income statement?

2. How does a statement of owner's equity depend on an income statement?

3. How does a balance sheet depend on a statement of owner's equity?

4. Why is closing entries an important part of the accounting cycle?

5. What is listed in the post-closing trial balance?

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