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The work sheet is used in the preparation of the financial statements. The results of the income statement (net profit or loss) are transferred to the statement of owner's equity. If additional funds have been invested or withdrawn over the period, such changes are recorded to the statement of owner's equity. The owner's equity account in the balance sheet is transferred from the statement of owner's equity. All other balances of the balance sheet are transferred from the work sheet balance sheet columns.
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