The balance sheet and income statement are two of the three fundamental financial statements and are key to both financial modeling and accounting. The balance sheet displays the company's total assets, and how these assets are financed, through either debt or equity. The income statement summarizes the revenues and expenses generated by the company over the entire reporting period and thus calculates the net profit/loss.
changes in assets, liabilities, and equity can be easily
obtained by the balance sheet.
and total revenue and net income can be obtained by income
statement.
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