5. Awother name for the balance sheet is: 6. Which of the followitg is a catcgory, classification, or element of the balance sheet? 7. The total annount reported for stoekholders equity is the approximate fali vaiue or net worth of the comperation ats of the balance shect date. a-True b-False 8. ABC Co. incurs cleanup expense of $500 on December 30 . The supplier's invoice states that the $500 is due by Jarnary 10 and ABC will pay the invoice on January 9 . ABC follows the acerual basis af accounting and its accounting year ends on December 31. What is the effect of the cleanup service on the December balance shect of ABC ? a-Assets Decrease b-Liabilities Increased cNo Efftect On Owner's Equity. 9. Which of the following accounts is not a current asset? 9. Ahich of the Reccivable b- Land c- Prepaid Insurance d. Supplies 10- The ampuat reported on the balance sheet for Property, Plant and Equipment is the company's eitimate of the fair makket value as of the balance sheet dase. a-True b- False Exercise 3(10pts) The following are the accounts of Special Assets lne. Inc.. The compuny has just completed its 10b year of operations ended December 31. 2011. 1. Calculate the net income at the end of year 2011 . 2. Compute the retained carnings at December, 31, 2011. 3. Deduce the balance sheet for the company at the end of 2011