Which document would be used to summarize a company's revenues and expenses over a specific period?

The Income Statement is the document used to summarize a company's revenues and expenses over a specific period. It provides a clear view of how much money a business earned during that time frame (revenues) and how much it spent (expenses). The difference between these two figures results in net income or loss, which is crucial for evaluating the company's profitability.

This document is typically prepared for a specific time period, such as a month, quarter, or year, and is a key component of financial reporting. By presenting a comprehensive summary of financial performance, the Income Statement helps stakeholders, including management, investors, and analysts understand how effectively the company is managing its resources and generating income.

In contrast, the Balance Sheet provides a snapshot of a company's financial position at a specific date, detailing assets, liabilities, and equity. The Statement of Cash Flow illustrates the cash inflows and outflows over a period, highlighting liquidity rather than profitability. The Statement of Retained Earnings reconciles the changes in retained earnings over time, linking the net income from the Income Statement to the equity section of the Balance Sheet. Each document serves its own purpose but the Income Statement is specifically designed to summarize revenues and expenses for evaluating financial performance over time.