Patty, a single taxpayer, has $100,000 of U.S. source taxable income and $300,000 of foreign source taxable income from countrie
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Explanation:
Financial statements are the formal records of financial activities and position of an individual, a business, or other entity. The relevant financial information is typically presented in a structured manner and in an understandable form.
Financial statements can include balance sheet, income statement, statement of cash flows, the notes to accounts and statement of changes in equity.
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