3 Describe a company's income statement. In what order are items listed? What is listed first/last? 4-Define the "Agency Issue" also known as "Agency Problem" or "Agency Conflict". Give an example. 5 Corporations are "double taxed". Explain what this means. 6 Describe a company's balance sheet. What is listed on the right hand side, what is listed on the left hand side? In what order are items normally listed? 7-The following is XYZ company's balance sheet. What is the current ratio? What is the quick ratio? Cash $2,000 Accounts Rec. $10,000 Inventory S15,000 Plant & Equip. $20,000 Accounts Payable S/T Notes Payable Long Term Debt Equity $2,000 $3,000 $10,000 $32,000