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Which event occurs during the elongation stage?
Income Statement
A financial statement that reports a company's revenues and expenses over a specific period, showing the net profit or loss.
Adjustments Column
Part of an accounting worksheet where entries are made to update account balances before preparing financial statements.
Retained Earnings
The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders. Often reinvested in the business or used to pay off debt.
Income Summary Account
An account used to transfer the balances of temporary accounts to a permanent account at the end of an accounting period, summarizing revenue and expenses.
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