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Respond to the following questions in complete sentences: What is the purpose of an income statement (also known as a P&L)? What is the purpose

Respond to the following questions in complete sentences:

  • What is the purpose of an income statement (also known as a P&L)?
  • What is the purpose of a balance sheet?
  • Why is it useful to know how to use an operation ratio? Explain. *Operation ratios will vary in different parts of the country.

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