Would you please provide a response to the paragraphs listed below. I also included the initial question as well. Lastly, would you include references as well? Thank you for your time and effort. Have a great day! Compare and contrast an income statement and a balance sheet. What do they measure? Why would a marketing manager find the income statement more useful than the balance sheet? The income statement is a listing of an entitys revenues, expenses and net income or loss for a specific period. The balance sheet is a list of an entitys assets, liabilities and owners equity as of specific date Harrison, Jr., W.T., Horngren, C.T. & Thomas, C.W. (2015). The income statement measures net profit or loss for a specific account period. It itemizes individual expenses such as cost of goods, taxes and operating expenses. This allows mangers to review trends and make comparisons between one period and another. The balance sheet measures and reports long and short term assets and liabilities as well as stockholders equity. On the balance sheet assets and liabilities are grouped rather than itemized as in the income statement. A marketing manager would find the income statement more useful than the balance sheet because the income statement shows detailed reporting of items such as net sales and cost of goods sold. This would help the marketing manager see if the cost of products is too high or if the return on investment, or net revenue, is not what was expected