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5 (S&T, p 22) What is the link between the income statement and the balance sheet? eg. A link: The net result-profit or loss- is

5 (S&T, p 22) What is the link between the income statement and the balance sheet? eg. A link: The net result-profit or loss- is transferred to owner's equity. link to the equity section in the balance sheet. Question 6 (S&T, p 23) In business, the phrase 'cash is king' is often used. What does this mean and why is it so important to understand your cash flow

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