5. The financial statement that reports the financial position of a company at a specific point in time is called the: a. Income Statement b. Statement of Retained Earnings c. Balance Sheet d. None of the above 6. If revenues are $90,000, operating expenses are $35,000, income taxes expense is $5,000, and cost of goods sold is $40,000. What is the amount of Gross Profit reported on the Income Statement? (2 marks) a. $55,000 b. $15,000 c. $10,000 d. $50,000