Exercise 5-2: Answer the questions in the space provided. Use the following abbre-
viations to identify reports: IS (income statement); BS (balance sheet); CFS (cash
flow statement)
1. What report(s) show the net income or net loss?
2. What report(s) show the cash balance?
3. What report(s) show total fixed assets?
4. What report(s) show common stock?
5. What reports(s) show cash at the beginning of the period?
6. What report(s) show note payable accounts?
7. What report(s) show total expenses?
8. What report(s) show the gross profit?
9. What report(s) show cost of goods sold?
10. What report(s) show dividends?
Answers: 1
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Exercise 5-2: Answer the questions in the space provided. Use the following abbre-
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