Why business want to prepare interim financial statements, Accounting Basics

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Why business want to prepare interim financial statements

Response to the following questions:

1. Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following:

a. A net income of $3,842 during the first quarter (Jan.-Mar.)

b. A net loss of $1,781 during the second quarter (Apr.-Jun.)

2. What are interim financial statements? Why would a business want to prepare them?

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Accounting Basics: Why business want to prepare interim financial statements

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Accounting Basics: Why business want to prepare interim financial statements

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