What financial statement typically summarizes a company's revenues and expenses over a specific period?

The Income Statement is designed specifically to summarize a company's revenues and expenses over a particular period, typically reflecting the financial performance of a business. This statement provides insights into how well the company generates profit relative to its costs and expenses during that timeframe. It presents a clear picture of the company’s operating performance, showing net income or loss, which is crucial for evaluating profitability and operational efficiency.

In contrast, the Balance Sheet offers a snapshot of a company's assets, liabilities, and equity at a single point in time, rather than over a specific period. The Cash Flow Statement records the flow of cash in and out of the business, focusing on liquidity and cash management rather than profitability. The Equity Statement details changes in the equity component of the balance sheet, such as retained earnings or additional paid-in capital, yet does not focus on revenue and expenses like the Income Statement does. Thus, the Income Statement is the correct choice as it encapsulates a company's financial performance over a defined period.