<human>:  What is the difference between an income statement and a balance sheet?
<bot>: The income statement is a financial statement that summarizes a company's revenues and expenses over a specific period of time. It is also known as the profit and loss statement. The balance sheet, on the other hand, is a financial statement that shows the company's assets, liabilities, and equity at a specific point in time. The income statement is concerned with the current period's performance, while the balance sheet is a snapshot of the company's financial position at the end of the reporting period.