 Hello, in this presentation, we will discuss the Balance Sheet and Income Statement relationship. Objectives, at the end of this, we will be able to define the Balance Sheet and list its parts, define the Income Statement and list its parts, and explain how the Income Statement relates to the Balance Sheet. When considering these concepts in terms of the balancing concept of the Balance Sheet in particular, we want to keep in mind the idea of the Double Entry Accounting System. The Double Entry Accounting System being the main system, the main internal control that we are always keeping in mind, that internal control helping us to safeguard against making errors. That's our first line of defense against making errors, is the Double Entry Accounting System, which can be expressed in a few different ways. One, the Accounting Equation. Two, in terms of the Balance Sheet being in Balance. And three, in terms of total debits and credits, as we look at the final