1. two (2) separate questions.
(1st question) Describe a classified income statement.
Be sure to address the classified income statement’s four sections and the important financial relationships found within the statement.
Use a REAL company example,
(2nd question) The United States has a capitalistic economy.
What is capitalism? Explain how the different inventory valuation methods affect a company’s financial statements. Can the inventory valuation method chosen affect a company’s ability to compete in a capitalistic economy?
Please explain
NOTE: Each answer should have extensive explanations and at least one external reference citation.