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19 January, 18:15

The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a (n) a. statement of owner's equity b. balance sheet c. prior period statement d. income statement

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  1. 19 January, 21:25
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    Answer: Income statement.

    Explanation:

    Also known as the profit and loss account, the income statement is a financial record that shows the amount of money that a business establishment receives and spends during a certain period (week, month or year). The profit or loss is determined by subtracting the expenses from the income during a period.
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