Which part of a business's financial statements summarizes the results of revenues and expenses during a specific period?

The income statement is a critical component of a business's financial statements that summarizes the results of revenues and expenses over a specific period, typically a fiscal quarter or year. It provides insight into the company's performance by showing how much money was generated through sales (revenues) and how much was spent to operate the business (expenses).

The income statement effectively displays the net income or loss for that period by calculating total revenues minus total expenses. This figure is vital for stakeholders, including investors and management, as it indicates the profitability of the business, allowing for assessments of financial health and performance trends over time.

In contrast, the balance sheet presents a snapshot of the company's assets, liabilities, and equity at a specific point in time, rather than over a period. The retained earnings statement focuses on the changes in retained earnings throughout a period but does not directly summarize revenues and expenses. The cash flow statement details the inflows and outflows of cash during a specific period but does not focus specifically on the revenues and expenses like the income statement does.