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Balance Sheets and Income Statements In two separate paragraphs, explain how a balance sheet and an income statement are constructed. (For example, what are the

Balance Sheets and Income Statements

In two separate paragraphs, explain how a balance sheet and an income statement are constructed. (For example, what are the key components? Format and contents?) What does the balance sheet tell you about how an organization functions? For what purposes are balance sheets used?

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