A summary of changes in the earnings retained by the corporation for a specific period of time is known as a(n):

Question

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The retained earnings statement summarizes the changes in the earnings that were kept by the corporation from the beginning to the end of a specific period of time. Option A, the income statement, shows the revenue and expenses incurred during a specific period. Option B, the balance sheet, shows the assets, liabilities, and equity of a corporation on a specific date. Option C, the statement of cash flows, shows the inflows and outflows of cash during a specific period.

A Summary of Changes in the Earnings Retained by the Corporation