The cash flow statement summarizes the underlying reasons for the changes in your business’s cash position between two balance sheet dates. While the income statement reveals the operational position of your company, the balance sheet showcases the financial strength of your business. That’s why a business entity needs to prepare financial statements in such a manner that provides a true and fair view of that company’s financial position. A proper understanding of these financial statements helps investors understand the profitability and financial soundness of a company. The income statement is one of the three basic financial statements of a company in addition to the balance sheet and cash flow statement. Sample Income Statement in Excel Format Download Now What’s the Difference Between a Balance Sheet and Income Statement?.
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