An income statement is best described as: 

(a) A report that identifies a company’s revenues (sales), expenses, and resulting profits for a given period of time. 

(b) A report that shows the financial position of a company on a specific date. 

(c) A report that shows the relationship between inventory on hand and on order. 

(d) A report that identifies the number of items per level and number of tiers of product on a pallet.