Which of the following statements reflects a primary function of the income statement?

The income statement serves the primary function of detailing a company's revenues, expenses, and net income over a specific period. This financial statement provides insight into the operational performance of the business, illustrating how much money was made (revenues) and what it cost to generate that money (expenses). The net income, derived from subtracting total expenses from total revenues, indicates how profitable the company was during that period. Therefore, this statement precisely captures what the income statement is all about, which is summarizing the performance of the company through its earnings and spending activities.

The other options reflect different financial statements or functions that do not align with the primary purpose of the income statement. For instance, tracking cash flows pertains to the cash flow statement, showing the financial position at a point in time relates to the balance sheet, and summarizing shareholder equity specifically involves details found in the statement of shareholders' equity.