What is the difference between the income statement and balance sheet in regards to timing? b. what is wrong with this statement: “the clinic’s cash balance for 4.2 a. b. what is the implication of the accounting identity for the numbers 4.3 a. b. what are the three major categories of assets? 4.4 a. b. provide some examples of current assets. 4.5 a. on the balance sheet, what is the difference between long-term 4.6 a. b. what makes a liability a current liability? c. give some examples of current liabilities. d. what is the difference between long-term debt and notes payable? 4.7 a. explain the difference between the equity section of a not-for- 2015 was $150,000, while its net income on december 31, 2015, was $50,000.”