Question: 1. Briefly identify and explain the major components, format, and limitations of the income statement, balance sheet, and statement of stockholders equity. Be sure to

1. Briefly identify and explain the major components, format, and limitations of the income statement, balance sheet, and statement of stockholders equity. Be sure to describe the interrelationships among them.

2. WHat is the purpose of a cash flow statement? Be sure to provide examples of and differentiate among cash flows form operating, investing, and financing activities. Include the two methods used in reporting cash flows from operations. Which one is more prevalent?

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