Which statement summarizes income, expenses, and net income over a period of time?

The income statement is a financial report that summarizes a company's revenues, expenses, and net income over a specific period of time, typically a quarter or year. It provides a clear picture of the organization's financial performance by detailing how much income is generated through sales and other activities and how much is spent on various expenses, leading to the calculation of net income. This statement is crucial for understanding profitability and is used by stakeholders to assess the financial health of the organization.

In contrast, the balance sheet shows the company's financial position at a single point in time, outlining assets, liabilities, and equity. The cash flow statement tracks the cash inflows and outflows over a period, giving insight into liquidity but not directly summarizing income and expenses. The equity statement details changes in equity over a period but does not provide a complete picture of income and expenses like the income statement does. Each of these reports plays a different role, but the income statement specifically captures the dynamic aspects of income and expenses over time, making it the correct choice in this context.