Question

Income statement and balance sheet

Answer 1

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What is a Balance Sheet?

What is a Balance Sheet?The balance sheet is a snapshot of what the company both owns and owes at a specific period in time. It’s used alongside other important financial documents such as the statement of cash flows or income statement to perform financial analysis. The purpose of a balance sheet is to show your company’s net worth at a given time and to give interested parties an insight into the company’s financial position.

What is a Income statement?

Income statement to perform financial analysis. The purpose of a balance sheet is to show your company’s net worth at a given time and to give interested parties an insight into the company’s financial position