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Based on the following trial balance for Sally's Salon,prepare an income statement,statement of owner's equity,and a balance sheet.Sally Crawford made no additional investments in the company during the year.
Substantially Performed
A legal concept in contract law indicating that a party has completed enough of its obligations to warrant payment, even if minor details remain.
Faucets
Devices used to control the flow of water from a water system into a sink, bath, or other plumbing fixture.
Linoleum
A durable, eco-friendly floor covering made from natural materials like linseed oil, cork dust, and wood flour, often used in homes and businesses.
Material Breach
A serious violation or failure to comply with the terms of a contract that results in significant harm or deprives one party of the benefit they reasonably expected from the agreement.
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