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

The income statement is designed to provide a clear overview of a company’s financial performance over a specified period, such as a quarter or a year. It summarizes the revenues earned and the expenses incurred during that time frame, allowing stakeholders to assess the company's profitability. This financial statement typically lists total revenues at the top, followed by various expenses, ultimately leading to the net income or loss.

In contrast, the balance sheet presents a snapshot of a company's financial position at a single point in time, detailing assets, liabilities, and shareholders' equity. The statement of cash flows tracks the cash inflows and outflows from operating, investing, and financing activities, focusing on liquidity rather than profitability. The equity statement highlights changes in equity accounts over a period but does not inherently summarize revenues and expenses. Thus, the income statement is the appropriate choice for summarizing revenues and expenses over a specific time period.