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Why is it that in cold winters a tub of water placed in a farmer's canning cellar helps prevent canned food from freezing?
Income Summary
An account used in the closing process that aggregates all income and expense accounts to determine the net profit or loss.
Net Income
The total profit of a business after all expenses and taxes have been deducted from total revenue.
Owner's Capital
The amount of equity a business owner has invested in the business minus any withdrawals made from the business by the owner.
Cash Balance
The amount of cash a company has available, reflecting the total amount of cash and cash equivalents at a given point in time.
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