The following accounts, in alphabetical order, were selected from recent financial statements of krispy kreme doughnuts, inc. for each account, indicate whether the normal balance is a debit or a credit, and the financial statement-balance sheet or income statement-where the account should be presented. account normal balance debit or credit balance sheet or income statementaccounts payable accounts receivable common stock depreciation expense interest expense interest income inventories prepaid expenses property and equipment revenues income statement vs balance sheet: balance sheet, or sometimes called statement of financial position shows the account balances as of a certain date. this shows all the accumulated assets, liabilities and equity of a company. on the other hand, income statement, or sometimes called statement of financial performance shows the net income computation of the reporting entity. net income was often viewed as the measure of a reporting entity's performance.