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The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the a Statement of Cash Flows O Balance Sheet Income Statement Other Liabilities often have the word in their account title. . Receivable O Payable The accounting equation should remain in balance because every transaction affects how many accounts? ? Only One Two or More Only Two Other Which of the following transactions would cause a change in owners' equity? Purchase of a delivery truck on credt. Repayment of the principal on a bank loan Sale of land on credit for a price above cast. . O Borrowing money from a bank. The financial statement with a structure that is similar to the accounting equation is the Statement of Cash Flows Income Statement O Balance Sheet Other: if total assets equal $270.000 and total liabilities equal $202.500. the total owners' equity must equal $67,500 $ O $472,500. Cannot be determined from the information gven $270,000 The basic accounting equation is =Liabilities + Owner's Equity. =. O Expenses O Revenues Assets Other Resources owned by a company (such as cash, accounts receivable. vehicles) are reported on the balance sheet and are referred to as Liabilities Assets Owners equity profit Other: Obligations amounts owed) are reported on the balance sheet and are referred to as O Assets O Liabilities Revenues Expenses Owners Equity Other: Entries to expenses such as Rent Expense are usually Debit Credit The balance sheet item that represents the portion of owners' equity resulting from profitable operationsof the business is: Accounts receivable O Capital Stock Retained earnings O Cash