The statement of income and retained earnings combines period profit with the period's change in retained earnings in one report.
The statement of income and retained earnings is a combined financial statement that presents period income and the related change in retained earnings in one report.
Instead of presenting the profit figure and the retained-earnings rollforward separately, it shows how the earnings result for the period flows into ending retained earnings.
This format makes the retained-earnings bridge explicit:
profit or loss is reported
dividends and similar changes are applied
ending retained earnings is derived
It is useful when a business wants one concise statement that ties operating performance directly to the retained-earnings balance.