4. Salem's Accessory Shop started the year with total assets of S210,000 and total liabilities of $120,000. During the year the business recorded $330,000 in revenues, $165,000 in expenses, and dividends of S60,000. The net income reported by Salem's Accessory Shop for the year was a $120,000 b. $150,000 c. $195,000 d. $165,000 5. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the a. Balance Sheet b. Income Statement c. Statement of Cash Flows. d none of the above 6. Assets are usually reported on the balance sheet at which amount? a. Cost b. Current Market Value. c. Expected Selling Price. d. none of the above