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Which equation shows the foundation of the income statement? 1) Equity = Net Income (Loss) + Capital 2) Gross Profit = Income ? COGS 3)

Which equation shows the foundation of the income statement? 1) Equity = Net Income (Loss) + Capital 2) Gross Profit = Income ?" COGS 3) Net Income (Loss) = Revenue ?" Expenses - O4) Asse = Liabilities + Equity

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