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Ogress An income statement presents the revenues and expenses for a specific period of time. reports the changes in assets, l
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A. presents the revenues and expenses for a specific period of time.

An income statement is one which presents the revenues and expenses for the specific period of time, it presents the net income pr net loss for the period.

It is the balance sheet which reports assets, liabilities and stockholders' equity at a specific date.

It is the statement of retained earnings that summarizes the changes in retained earnings for a specific period of time.

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