4. The best definition of assets is the a. cash owned by the company. b. collections of resources belonging to the company and the claims on these resources. C. owners' investment in the business. d. resources belonging to a company that have future benefit to the company. 5. Which of the following financial statements is concerned with the company at a point in time? a. Balance sheet b. Income statement c. Retained earnings statement d. Statement of cash flows 6. Jimmy's Repair Shop started the year with total assets of $300,000 and total liabilities of $240,000. During the year the business recorded $630,000 in revenues, $330,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was a. $360,000. b. $300,000. c. $240,000. d. $270,000