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Which of the following statements is most correct? (a) The balance sheet statement summarizes how much the firm owns as well as owes for a

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Which of the following statements is most correct? (a) The balance sheet statement summarizes how much the firm owns as well as owes for a typical operating period. (b) The income statement summarizes the net income produced by the corporation at a specified reporting date. (c) The cash flow statement summarizes how the corporation generated cash during the operating period. (d) None of the above

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