same thing to this: The balance sheet shows what a company owns, what it owes, and the owner's share at one point in time, following the formula Assets = Liabilities + Equity. The income statement shows how much money the company made or lost over a period, using Net Income = Revenues - Expenses. The statement of cash flows shows how cash moves in and out of the company from operating, investing, and financing activities. Basically, the balance sheet is like a snapshot of what the company has, the income statement shows if it made money, and the cash flow statement shows where the cash went