Income statement and balance sheet are linked in this way that income statement describes how assets and liabilities are utilized to earn revenue and net income while balance sheet describes the information about remianing amount of assets and liabilities.
It appears at: Income statement Balance sheet
no..its the other way around
There is a direct link between a balance sheet and cash flow. The two are linked by the net income inform of profit or loss which appears in both statements.
A prepaid expense is an asset listed on the balance sheet.
No, A/R is a balance sheet account.
Balance sheets are ordinarily projected after income statements because the firm's growth in retained earnings, an outcome of projected income, is a required input for the balance sheet.
It appears at: Income statement Balance sheet
no..its the other way around
Financial Statements
There is a direct link between a balance sheet and cash flow. The two are linked by the net income inform of profit or loss which appears in both statements.
A prepaid expense is an asset listed on the balance sheet.
No, A/R is a balance sheet account.
balance sheet and income statment
mostly what you spent on your previous shoping spree and you checking balance
Current period profit or loss is shown on both financial statements - at the bottom of the Income Statement and in the Retained Earnings section of the Balance Sheet.
Constructing a statement of cash flow from income statements and balance sheet is no simple task and requires training. Most CPAs can do this, but not all. Unless you are a professional finance person or accountant, I suggest you hire an accountant to do this. Additionally, please be aware that financial statements prepared in accordnace with GAAP, usually include a cash flows statement with the income statement and balance sheet.
Following is the two major financial statements: 1 - Income statement 2 - Balance Sheet