Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.
Statement on owner’s Equity:
Statement on owner’s Equity is the part of the financial statement which is prepared to calculate the owner’s equity in the organization. Owner’s Equity is the sum of Investment made by the owner as increased by the net income and subtracted by the withdrawals.
The Balance sheet shows the financial position of the organization at a particular date. It includes assets, liabilities and equity.
1. Income Statement:
The Income Statement of Picture Perfect Photography for the year ended on Dec. 31, 2018
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