Question: The balance sheet identity states that ______. Current assets + Fixed assets = Total assets Assets = Liabilities + Shareholders' equity Current liabilities + Long-term

The balance sheet identity states that ______.

Current assets + Fixed assets = Total assets

Assets = Liabilities + Shareholders' equity

Current liabilities + Long-term debt = Total liabilities

Common stock + Paid-in surplus + Retained earnings = Shareholders' equity

Cash flow = Market value - Book value

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