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How are the Balance Sheet and Income Statement related? Discuss the pattern of information flow...

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Accounting

How are the Balance Sheet and Income Statement related? Discuss the
pattern of information flow between these two documents.
Given the data shown in Tables P2.7a and P2.7b for Pegasus Interna-
tional, Inc., what method of accounting is being used? How has the
working capital of Pegasus International changed from 20X4 to 20X5?
Interpret this development considering the increase in revenue from
204 to 205
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