Answer the following questions or complete the statements by writing the appropriate words or INSTRUCTIONS: mounts in the Answers column. For Answers 0. An information system that provides essential information about the economic activities of an entity is called 1. A business that changes basic inputs into products is a(n) 2. A business that provide services to customers is a(n). 3, 10% of the businesses in the United States are 4. Resources owned by a business are called 5. A business entity that is a separate taxable entity is called a(n 2. 3. 7. 8. 9 Financial accountants prepare financial statements according to The accounting equation is AssetsLiabilities + .........................-. The four most common financial statements for a corporation are: 8. b. C. d. Amounts owed by customers that result from sales on account are referred to as 10. 10. Lee Co. offered for sale at $10,000 a machine that had been purchased for $17,500. If Whitney Co. paid Lee Co. $6,000 for the machine, the 11. accounting records for the on nco woudrecord in purchase of the machine is 12. 12. An economic event that must be recorded is a(n). 13. If operations for an accounting period resulted in fees on account of $65,000 and fees for cash of $21,000, the amount of revenue for the period was 13. If operations for an accounting period resulted in cash fees of $75,000, fees on account of $15,000, and expenses paid in cash of $40,000, did the business incur a net income or a net loss for the period? 14. 14. What was the amount of the net income or net loss indicated in Question 14 15. 15 If stockholders' equity is $150,000 and liabilities are $25,000, the amount of assets is... 16. 16. If assets are $125,000 and liabilities are $60,000, the amount of stockholders' equity is. 17. 17