An income statement gives you a summary of the company's operating performance.
Dec 31 2013 10:12 AM
A balance sheet gives you a summary of a company's assets and liabilities.
Think of it this way. If you micro manage your personal finances, then you keep track of your salary and monthly expenses - thats your income statement.
Separately you also keep track of things like your car, your house, your laptop, your mortgage etc - thats your balance sheet.