Which financial statement provides details about sales, expenses, and profits during a specific period?

The Income Statement is the financial statement that details a company's sales, expenses, and profits over a specified period, often referred to as a fiscal quarter or year. It summarizes the revenues generated from sales and the costs associated with generating those revenues, which ultimately leads to the calculation of net profit or loss for the period. This statement provides a comprehensive view of how well the company performed financially by illustrating its profitability and operational efficiency.

In contrast, the Balance Sheet presents a snapshot of a company's assets, liabilities, and equity at a specific point in time, rather than over a period. The Cash Flow Statement details the inflows and outflows of cash and cash equivalents, focusing on operating, investing, and financing activities, but does not summarize profits directly. The Statement of Changes in Equity reflects the changes in ownership equity, detailing how profits translate into retained earnings but does not focus directly on sales or expenses. Therefore, the Income Statement specifically captures the essence of a company's performance over time with respect to its sales, expenses, and profits.