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2. The income statement reveals net earnings (net income) of a firm for a period of time. Explain how net earnings (net income) of a

2. The income statement reveals net earnings (net income) of a firm for a period of time.

Explain how net earnings (net income) of a firm for a period of time is different from each of the following descriptions:

? resources and equities of a firm at a point in time

Usually record

? resources and equities of a firm for a period of time

? net earnings (net income) of a firm at a point in time

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