Which accounting statement summarizes revenues and expenses to provide the net income over a period?

The Income Statement is the accounting statement that summarizes revenues and expenses over a specific period, resulting in the net income or loss for that timeframe. It provides a clear picture of a company's operational performance, outlining how much money was made (revenues) and how much was spent (expenses). By subtracting the total expenses from total revenues, the Income Statement indicates whether the company has made a profit or incurred a loss during the period. This information is crucial for stakeholders, including investors and management, to assess the company's financial health and operational efficiency.

In contrast, the Cash Flow Statement focuses on the inflows and outflows of cash, detailing how cash is generated and used in a business over a certain period, but it doesn't summarize revenues and expenses directly. The Balance Sheet shows the company’s financial position at a specific point in time, listing assets, liabilities, and equity, rather than detailing performance over a period. Meanwhile, the Trial Balance is an internal report that lists all accounts and their balances to ensure that total debits equal total credits, but it does not provide a summary of revenues and expenses or net income. This distinction solidifies why the Income Statement is the relevant choice for this question.