Business, 11.02.2020 19:23 jwunder5859

The income statement:

1. summarizes the firms revenues and expenses over an accounting period.
2. reports how much of the firms earnings were retained in the business rather than paid out in dividends.
3. reports the impact of a firms operating, investing, and financing activities on cash flows over an accounting period.
4. states the firms financial position at a specific point in time.

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The income statement:

1. summarizes the firms revenues and expenses over an accounting...