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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?

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Answer:

The balance sheet details a company's assets and liabilities at a certain period of time, while the income statement details income and expenses over a period of time

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