Which of the basic financial statements is best used to answer the question, "How profitable is the business?"
A) Balance sheet
B) Statement of shareholder's equity
C) Income statement
D) Accounts receivable aging schedule
Answer: C
Business
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The following are exceptions to the Statute of Frauds requirement under the UCC that contracts
for the sale of goods of $500 or more must be in writing except: A) Part acceptance of goods. B) Admissions in pleadings or court. C) Specially manufactured goods. D) A, B, or C. E) A or B only.
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