Final answer:
A Profit and Loss Statement is the report that summarizes a company's earnings and expenses to show profits or losses over a specific accounting period.
Step-by-step explanation:
The report that summarizes what a company has earned and the expenses incurred to earn that income is c. Profit and Loss Statement. This financial document captures the money flowing into a business through various income streams like sales or investments and the money flowing out through expenses, such as cost of goods sold, operating expenses, and payments to suppliers or customers. It helps in determining the company's profits or losses over a specific accounting period. The Profit and Loss Statement is different from other financial statements like the Statement of Cash Flows, which tracks the actual cash movement in and out of the business, and the Balance Sheet, which provides a snapshot of a company’s assets, liabilities, and equity at a particular point in time.