The income statement: reports a company's resources, obligations and owners' equity in the company's resources at a specific date. reports the cash effects of a company's operating, investing and financing activities over a specific period of time. summarizes the changes in retained earnings during a specific period of time. reports the accomplishment and effort of a business entity during a specific period of time. reports revenues, expenses, gains and losses at a specific date.

The income statement: reports a company's resources, obligations and owners' equlty in the compary's resources at a specific date. reports the cash effects of a company's operating, investing and financirig, activities cver a specifuc period of tirne. summarizes the changes in retained earnings during a specific period of time. reports the accomplishment and effort of a business entity during a specific period of time. reports revenues, expenses, gains and losses at a specific date