The income statement is a financial summary of the firm's operating results during a specified period while the balance sheet is a summary statement of the firm's financial position at a given point in time.

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The income statement summarizes the firm's performance over a period of time (e.g. a month, a quarter, a year) while the balance sheet provides a snapshot of the firm's financial position at a specific moment in time.

The Income Statement Is a Financial Summary of the Firm's