1. The balance sheet should be prepared

a.after the income statement and the statement of owners equity

b.before the income statement and after the statement of owners equity

c.before the income statement and the statement of owners equity

d.after the income statement and before the statement of owners equity

2. Which of the following accounts will not be closed to the capital account at the end of the year?

a.Fees Earned

b.Insurance Expense

c.Prepaid Insurance

d.Utilities Expense