6) All of the financial statements are for a period of time except the a. income statement. b. owner's equity statement. c. balance sheet. d. statement of cash flows. 7) A small neighborhood barber shop that is operated by its owner would likely be organized as a a. joint venture. b. partnership. c. corporation. d. proprietorship. 8) George and Ringo met at law school and decide to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be a a. corporation. b. proprietorship. c. partnership. d. joint venture. 9) The assets and liabilities of the company are $215,000 and $80,000, respectively. Stockholders' equity should equal a. $215,000 b. $135,000 c. $175,000 d. $40,000 10) The asset created by a business when it makes a sale on account is termed a. accounts receivable b. prepaid expense c. unearned revenue d. accounts payable 11) A net loss will result during a time period when a. liabilities exceed assets. b. drawings exceed investments. c. expenses exceed revenues. d. revenues exceed expenses.