Statement of comprehensive income, also, referred to as the balance sheet, is a snapshot of the firm. It is a convenient means of organizing and summarizing what a firm owns (its assets), what a firm owes (its liabilities), and the difference between the two (the firm's equity) at a given time.

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The statement of comprehensive income summarizes a company's income and expenses over a period, while the balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.

Statement of Comprehensive Income, Also, Referred to as the Balance