Reduce All Fractions to Their Simplest Forms

question 9

Short Answer

Reduce all fractions to their simplest forms. Convert all improper fractions to mixed numbers. Provide answers in the following format:
Fraction: 3/4
Mixed number: 1 5/8
-Add dimensions A and B and C, and then express the answer as a fraction.

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Definitions:

Retained Earnings

The portion of net income left over for the business after it has paid out dividends to its shareholders.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements.

Depreciation Expense

The allocation of the cost of tangible assets over their useful lives, reflecting the reduction in value over time.

Comparative Balance Sheet

A financial statement that presents the financial position of a company at different points in time side-by-side for comparison purposes.