12.1 a. What is the difference in timing between the income statement and the balance sheet? The income statement reports the results of operations over a period of time; generally over a year, where the balance sheet reports the financial position of a business at a single point in time (fluctuates daily). b. Explain what is wrong with this statement: "The clinic's cash balance for 2016 was $150,000, while its net income on December 31, 2016, was $50,000. 1 I 5