What does an income statement summarize?

An income statement summarizes the revenues and expenses for a certain period, providing a clear picture of the company's financial performance within that timeframe. It reflects how much money the business earned through its core operations (revenues) and the costs incurred to generate those earnings (expenses). This summary culminates in the net profit or loss, which indicates whether the business was profitable or ran into a deficit during that period.

By understanding the revenues and expenses outlined in the income statement, stakeholders can assess the operational efficiency and profitability of the business over the specified duration, allowing for better decision-making and financial analysis. Thus, option C accurately encapsulates the purpose of the income statement within the broader context of financial reporting.

The other options do not fully encompass what an income statement provides. For instance, simply stating the total revenue of a company fails to recognize the importance of expenses, which are crucial for understanding overall profitability. Listing only net profit or loss ignores the revenues and expenses that lead to that outcome. Lastly, assets pertain to the company's financial position rather than its performance over a given time, as conveyed by the income statement.