Question

The income statement reports:

A. cumulative earnings that have not been distributed to stockholders.
B. the amount of profit distributed to owners during the period.
C. the amount of revenues earned and expenses incurred during the period.
D. the assets, liabilities, and stockholders' equity of a company.

Answer 1

The income statement reports the amount of revenues earned and expenses incurred during the period. It provides a summary of a company's financial performance by showing how much revenue was generated from its operations and how much was spent on expenses.

Step-by-step explanation:

The income statement reports the amount of revenues earned and expenses incurred during the period. It provides a summary of a company's financial performance by showing how much revenue was generated from its operations and how much was spent on expenses. The income statement also includes the calculation of net income, which is the difference between total revenues and total expenses.