Question: a. What is the difference between the income statement and balance sheet in regards to timing? b. What is wrong with this statement: The clinics

a. What is the difference between the income statement and balance sheet in regards to timing?

b. What is wrong with this statement: “The clinic’s cash balance for 2007 was $150,000, while its net income on December 31, 2007 was

$50,000.”

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