12) Which of the following statements is correct regarding the statement of income and expenses? to. The income and expense statement summarizes the result of operations for a period of time. b. The income and expense statement reports the company's profit since it began operations. c. The income and expense statement indicates the liquidity of the business on an annual basis. d. The net income presented in the statement of income and expenses must be equal to the amount of cash that is presented in the statement of financial position.'