Question: 1. Differentiate (compare) among the information that is provided in each of the following financial statements: (a) balance sheet, (b) income (profit & loss) statement

1. Differentiate (compare) among the information that is provided in each of the following financial statements: (a) balance sheet, (b) income (profit & loss) statement also known as statement of operations, and (c) statement of cash flows.

2.Ruby Enterprises has long-term bonds worth $20 million, retained earnings of $45 million, accounts payable of $10 million, notes payable of $12 million, and inventory worth $18 million. What is the value of the total liabilities of Ruby Enterprises?

3.Sapphire Industries Ltd has a net income of $60 million and the total depreciation on its assets is $20 million. What is the net cash flow of Sapphire Industries?

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