The balance sheet is also known as a net worth statement. The value of a company's equity equals the difference between the value of total assets and total liabilities.
Which financial statement will show me your net worth quizlet?
The balance sheet equation is assets plus liabilities equals net worth.
Does income statement show net worth?
The Income Statement is a dynamic statement that records income and expenses over the accounting period (between the two net worth statements). The net income (loss) for the period increases (decreases) the net worth of the business (as shown in the ending balance sheet versus the beginning balance sheet).