Income Statement Balance Sheet Report

Income statement and balance sheet overview.

Income statement balance sheet report. The income statement or profit and loss report is the easiest to understand it lists only the income and expense accounts and their balances. This is why the balance sheet is sometimes considered less reliable or less telling of a company s current financial performance than a profit. You can print balance sheet reports and income statement reports to submit to banks and other authorities. The income statement report displays income and expenses.

The key differences between the two reports include. To print a. 2 minutes to read. Each financial statement appears on a separate page in the annual financial report and the threads of connection.

The income statement totals the debits and credits to determine net income before taxes the income statement can be run at any time during the fiscal year to show a company s profitability. The balance sheet report displays assets liabilities and equity. The balance sheet shows a company s total value while the income statement shows whether a company is generating a profit or a loss. The income statement reports revenue expenses and profit or loss while the balance sheet reports assets liabilities and shareholder equity.

The income statement and balance sheet report different financial accounting information about your business. Unlike the income statement the balance sheet does not report activities over a period of time. The balance sheet is essentially a picture a company s recourses debts and ownership on a given day.