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An income statement also called a profit and loss account or p l.
Should income statement and balance sheet match. Let s also assume that the owner did not invest or withdraw business assets during the year. Therefore the 25 000 increase in owner s. Show you what you re working with. In financial accounting the balance sheet and income statement are the two most important types of financial statements others being cash flow statement and the statement of retained earnings.
Income statement and balance sheet differences. An income statement also called a profit and loss statement tells you how much money your business made and how much it spent over a particular period. The balance sheet shows a company s total value while the income statement shows whether a company is generating a profit or a loss. A balance sheet lists assets and liabilities of the organization as of a specific moment in time i e.
To illustrate the connection between the balance sheet and income statement let s assume that a company s owner s equity was 40 000 at the beginning of the year and it was 65 000 at the end of the year.
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