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Balance Sheet (BS)

Balance Sheet (BS)

What is the Income Statement?

To properly track the finances for a business, it's important to understand the three common financial statements - the Balance Sheet, the Statement of Cash Flows, and the Income Statement. These three financial statements relate to each other and can help investors paint a holistic financial picture of their profitability.

The Balance sheet reports a business' Assets, Liabilities, and Owner's Equity. This financial statement can be used to help a property investor or limited partner understand how much the business owes and owns.

\[ Assets = Liabilities + Owner's \, equity \]

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