Decision Point: The Difference Between an Income Statement and a Balance Sheet You tell Alex that the two of you are off to a great start. The balance sheet is completed, and it's time to start putting together an income statement for the restaurant. Alex doesn't understand why you need to put together both an income statement and a balance sheet. What's the difference between them? What's the best way to respond to him? Select an option from the choices below and click Submit. I The statements show two different things. The income statement provides the most detail about how the restaurant generates and uses cash, whereas the balance sheet is like a snapshot of the restaurant's financial condition at a specific point in time. The statements show two different things. The balance sheet shows the financial results of the restaurant during a specific period of time, whereas the income statement shows the financial condition of the firm at a specific point in time. The statements show two different things. The income statement takes all income and expenses into account and shows how the restaurant performs over a period of time, whereas the balance sheet is like a snapshot of the restaurant's financial condition at a specific point in time.

Decision Point: The Difference Between an Income Statement and a Balance Sheet You tell Alex that the two of you are off to a great start. The balance sheet is completed, and it's time to start putting together an income statement for the restaurant. Alex doesn't understand why you need to put together both an income statement and a balance sheet. What's the difference between them? What's the best way to respond to him? Select an option from the choices below and click Submit. The statements show two different things. The income statement provides the most detail about how the restaurant generates and uses cash, whereas the balance sheet is like a snapshot of the restaurant's financial condition at a specific point in time. The statements show two different things. The balance sheet shows the financial results of the restaurant during a specific period of time, whereas the income statement shows the financial condition of the firm at a specific point in time. The statements show two different things. The income statement takes all income and expenses into account and shows how the restaurant performs over a period of time, whereas the balance sheet is like a snapshot of the restaurant's financial condition at a specific point in time