Briefly describe the difference between economic income and that shown on an income statement. Economic income is the total return on an investment, made up of any cash inflow plus the change in the value of the assets and liabilities. Net income from the income statement can differ significantly from economic income, because net income is not a cash flow and because GAAP changes in the firm's assets and liabilities do not reflect changes in market values. Rimbey Sporting Goods has a weird accountant who reported the balance sheet and income statement items in alphabetical order. Please put these items in the correct format for a balance sheet and income statement for Rimbey Sporting Goods for the year ended January 31.
All data are in thousands of dollars.
500 Total current assets 1500 Total cur. Net plant and equipm. Stockholders' equity Common stock 100 Retained earnings 1500 Total liabilities and stockh. Rimbey's accountant also presented all of the items in the statement of cash flows in alphabetical order. Please put these items in the correct format for a statement of cash flows for Rimbey Sporting Goods for the year ended January 31.