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Which of the following statements is true of financial statements? The net income reported in the income statement is transferred to assets on the balance

Which of the following statements is true of financial statements?

The net income reported in the income statement is transferred to assets on the balance sheet.

The ending balance on the statement of retained earnings is transferred to cash flow from operating activities.

The ending cash balance from the statement of cash flows is used as the cash balance on the balance sheet.

The ending balance on the balance sheet is transferred to cash flow from investing activities.

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