What element is typically found in a balance sheet but not in an income statement?

The correct choice, which is assets, is typically found on a balance sheet because the balance sheet provides a snapshot of a company's financial position at a specific point in time. It lists everything the company owns (assets), owes (liabilities), and the residual interest of the owners (equity).

Assets include items like cash, inventory, property, and equipment, which are essential for the operation and functioning of the business. These elements represent resources that can provide future economic benefits. In contrast, the income statement focuses on the performance of a company over a period, detailing revenues, expenses, and net income, but it does not show the total assets held by the company at any point in time. Thus, assets are exclusive to the balance sheet, highlighting the financial health and stability of a business.