AIM CO. Casual Corners- Income Statement information for the year ending December 31, 2020.   Sales revenue                                     $ 322,500 Sales discounts                                   $    5,000 Cost of goods sold                              $  47,000 Operating expenses                             $  77,000 Other revenues and gains                    $ 12,000 Other expenses and losses                   $    4,500  Income Taxes                                     $  12,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is