What's the difference between a owner's statement and an income statement?
submitted by Hiram Cheap

Harold

Income statement is like a report card for how much money the business made or lost. An owner's statement is like a bank statement showing how much of the owner's personal money in the business went up or down.

Ivan

An owner's statement shows how the owner's stake in the business changes over a period. It's a report on how an individual owner's money fared. It includes contributions, withdrawals, and retained earnings from prior periods. You might hear these referred to as a statement of owner's equity or capital.

An income statement details the company's revenues, expenses, and net profit or loss over the same period. It's a company wide record, rather than a personal one.