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

Presents the revenues and expenses for a specific period of time.

Explanation:

An income statement is a financial statement that shows how much profit is generated in a business within a specific period of time and also the amount of expenses incurred.

The importance of the income statement is to show managers and investors whether the company made profit or loss during the time in which it is being reported.

Income statements may aid investors and creditors in determining the previous financial performance of the organisation, predict a possible future performance, and check the ability of earning future cash flows by making use of the report of income and expenses.

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