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Income statement
Reports the profitability of business operations for a specific period of time. Subtracts expenses from revenue to determine net income or loss. Also referred to as profit and loss statement or operating statement.
Statement of owner's equity
Reports the activities that affected owners equity for a specific period of time. Uses net income from the income statement
Balance sheet
Reports a firm's assets, liabilities, and owner's equity on a specific date. Confirms that the accounting equation has remained in valance. Also referred to as a statement of financial position or statement of financial condition.
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