Which of the following is a true statement? A balance sheet must always be prepared before the income statement. An income statement shows assets, liabilities and equity over a period of time. A balance sheet shows a company's financial condition at a point in time. None of the above statements is true. Which of the following statements is true of the statement of cash flows? it includes changes in net working capital only it includes dividends paid it measures changes in profit from one year to the next year is the same as the income statement