Balance Sheet
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What is a “classified” balance sheet?
1. A balance sheet that classifies its year-end as 12/31.
2. A balance sheet that only displays total assets.
3. A balance sheet that separates assets and liabilities into current and non-current sections.
4. A balance sheet that has a restricted audience.
The retained earnings statement should be prepared
a. before the income statement and balance sheet
b. after the income statement and before the balance sheet
c. before the income statement and after the balance sheet
d. after the income statement and balance sheet
What is Balance Sheet? Identify and explain any two purposes ofa 'Balance Sheet'.