An income statement shows the assets and liabilities for a company.

Name: An income statement shows the assets and liabilities for a company.
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An income statement does not show the assets and liabilities for a company, it shows the company's revenues, expenses, and profits (or losses) over a specific period of time. The balance sheet, on the other hand, shows the company's assets, liabilities, and equity at a specific point in time.

An Income Statement Shows the Assets and Liabilities for a Company