Explain the relationship between the balance sheet and income statement.

https://www.khanacademy.org/economics-finance-domain/core-finance/accounting-and-financial-stateme/financial-statements-tutorial/v/balance-sheet-and-income-statement-relationship

 
After watching this video, explain the relationship between the balance sheet and income statement in your own words, assuming that you are talking to a layman. You should not use heavy financial terms because you are talking to someone who has never taken FIN-317 at Strayer 🙂

To receive full extra credit (15 points), your response must be at least 200 words and must be submitted no later than Sunday, October 21, 11:59 pm. No exceptions. No extensions. 

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