The income statement is a statement that summarizes revenues and expenses for a period.

Name: The income statement is a statement that summarizes revenues and expenses for a period.
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The income statement is a financial statement that summarizes revenues and expenses for a specific period of time, typically a month or a year. It provides information on a company's profitability and is also known as the profit and loss statement, statement of operations, or statement of earnings.

The Income Statement Is a Statement That Summarizes Revenues and Expenses