Question: 4.1. a. What is the difference between the income statement and balance sheet in regard to timing? b. What is wrong with the following statement?

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

b. What is wrong with the following statement? The clinics cash balance for 2020 was $150,000, while its net income on December 31, 2020, was $50,000.

4.2. a. What is the accounting identity?

b. What is the implication of the accounting identity for the numbers on a balance sheet?

c. What does the accounting identity tell us about a businesss equity?

4.3. a. What are assets?

b. What are the three major categories of assets?

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