Which financial statement summarizes a company's revenues and expenses over a specific period?

The income statement is the financial statement that summarizes a company's revenues and expenses over a specific period of time, typically quarterly or annually. It provides a clear view of the company’s financial performance, indicating how much profit or loss was generated during that time. This statement includes key components such as sales revenue, cost of goods sold, gross profit, operating expenses, and net income.

By focusing on revenues and expenses, the income statement helps stakeholders assess the financial health of a business, evaluate its profitability, and make informed decisions based on its operational efficiency over the reporting period. The other financial statements serve different purposes; for instance, the balance sheet outlines the company’s assets, liabilities, and equity at a single point in time, while the cash flow statement tracks the inflow and outflow of cash, and the equity statement details changes in owners' equity.