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What are the time dimensions of the income statement the

1.Compare and contrast a defined benefit and a defined contribution pension plan.

2.What are the time dimensions of the income statement, the balance sheet, and the statement of cash flows? Hint: Are they videos or still pictures? Explain.

3.Why do total assets equal the sum of total liabilities and equity? Explain.

4.Define depreciation expense as it appears on the income statement. How does depreciation affect cash flow?

5.What are retained earnings? Why are they important?

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