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3.2. Accounting Equations ted capital + Retained earnings
The income statement presents the performance of a business for a specific period of time. The equation reflected in the income statement is the following:
Equation (3)
<span>Revenue – Expenses = Net income (loss)
Note that net income (loss) is the difference between two of the elements: revenue and expenses. When a company’s revenue exceeds its expenses, it reports net income; whe
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