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An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period.

Balance Sheet is the financial statement of a company which includes assets, liabilities, equity capital, total debt, etc. at a point in time

In financial accounting, an asset is any resource owned or controlled by a business or an economic entity.

In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events

Though the main purpose of an income statement is to convey details of profitability and business activities of the company to the stakeholders, it also provides detailed insights into the company's internals for comparison across different businesses and sectors.

Liability insurance provides protection against claims resulting from injuries and damage to people and/or property

A balance sheet is a summary of all of your business assets what the business owns and liabilities what the business owes At any particular moment, it shows you how much money you would have left over if you sold all your assets and paid off all your debts it also shows 'owner's equity

Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations

Liabilities = Assets +Equity

Equity -Assets-Liabilities

Assets = Liabilities - Equity

Assets = Liabilities + Equity