What is the primary purpose of an income statement?

• A. To show a company's revenues and expenses over a period of time to determine net income.
• B. To detail the changes in stockholders' equity over a fiscal period.
• C. To provide a snapshot of a company's assets and liabilities at a specific point in time.
• D. To summarize the cash inflows and outflows from operating, investing, and financing activities.

Answer: (A)