1a. What is the difference in timing between the income statement and the balance sheet?

1b. What is wrong with this statement: "The clinic's cash balance for 2012 was 150,000, while its net income on December 31, 2012, was 50,000?."

2a.What is the basic accounting equaatiion?

2b. What is the implication for the numbers on a balance sheet?

2c. What does a basic accounting equation tell us about a business's equity?