Question: 33 What is a balance sheet, (as compared to an income statement), and what is the important 'balance sheet equation'? The 'income statement equation? What

What is a balance sheet, (as compared to an income statement), and what is the important 'balance sheet equation'? The 'income statement equation? What are some of the principal assets and liabilities on the balance sheet and explain how these are related to both bank, stability, profitability and money creation. Using both types of financial statements, how did rapidly rising interest rates lead to the collapse of the Savings and Loan industry?

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