An income statement summarizes the changes in retained earni

An income statement summarizes the changes in retained earnings for a specific period of time. reports the changes in assets,liabilities, and stockholders\' equity over a period of time. reports the assets, liabilities, and stockholders\' equity at a specific date. presents the revenues and expenses for a specific period of time.

Solution

An Income Statement “ presents the revenues and expenses for a specific period of time “

An Income statement shows the net profit or loss earned by a company during the particular financial year or a specific period of time. It presents the revenues and expenses for a specific period of time.