A Balance Sheet reports the Assets, Liabilities, and Stockholder's Equities of a company at a Point in Time.
Another name for an Income Statement is a Profit and Loss statement. The Income Statement presents revenues and expenses and the resulting net income or net loss for a Period of Time.
2 synonyms for the owner's equity: Net Assets or Net Worth.
The function of an income statement (profit and loss statement or earnings statement) is to show the firms' financial earnings performance (positive or negative) or a specific period of time.
The function of a Balance Sheet is to show the company or firm's financial status (Assets, Liabilities, and Stockholder's Equities) at a Point in Time. Assets show what an entity owns, Liabilities show what an entity owes, and equity shows the amount invested in the business.