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A classified balance sheet Organizes assets and liabilities into important subgroups that provide more information Reports the effect of profit and withdrawals on owner's capital
A classified balance sheet Organizes assets and liabilities into important subgroups that provide more information Reports the effect of profit and withdrawals on owner's capital Reports operating, investing, and financing activities Broadly groups items into assets, liabilities and equity Unearned revenue is reported in the financial statements as unearned revenue on the income statement revenue on the balance sheet. asset on the balance sheet. liability on the balance sheet
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