Explain the Difference Between an Income Statement and a Balance

question 9

Essay

Explain the difference between an income statement and a balance sheet.

---

Definitions:

Preceding January

The January that occurred immediately before the current date or specified event.

Retail Store

A business establishment that sells goods and services directly to consumers, typically at a markup from wholesale prices.

Interest

The fee for borrowing funds or the reward for lending them, often stated as a percentage of the initial sum.

Furniture

Movable objects intended to support various human activities such as seating, eating, and sleeping.