The financial statement that reports revenues and expenses for a period of time is called ____________. a. income statement b. statement of owner's equity c. balance sheet d. statement of cash flows The financial statement that summarizes the changes in the owner's equity that have occurred during a specific period of time, such as a month or a year is called ____________. a. income statement b. statement of owner's equity c. balance sheet d. statement of cash rows The financial statement that lists assets, liabilities, and owner's equity as of a specific date, usually at the close of the last day of a month or a year, is called ____________. a. income statement b. statement of owner's equity c. balance sheet. d. statement of cash flows