The balance sheet includes outstanding expenses, accrued income, and the value of the closing stock, whereas the trial balance does not. In addition, the balance sheet must adhere to a standard ...

we can calculate a company's total expenses based on its total revenue from the income statement and its owners' equity from the balance sheet. Image source: Getty Images. Before we can do the ...

The balance sheet ... do not have shareholders and do not pay out profits. As a result, they use different financial statements to report their activities, income, and expenses.