Lokeman's Car Repair Shop started the year with total assets of $30,000, total liabilities of $20,000, and retained earnings of $9, 000. During the year, the business recorded $50,000 in car repair revenues, $35, 000 in expenses, and the company paid dividends of $5, 000. The investors did not make any additional investments during the year. Lokeman's balance of retained earnings at the end of the year was: $19, 000 $20,000 None of the above $35, 000 $25, 000 An income statement: Reports on the events causing a change in stockholders' equity during a period Reports the results of operations for a period Presents a firm's assets, liabilities, and stockholders' equity on a given date None of the above Reports cash inflows and outflows during a period Randy's Landscaping Company has compiled the following list of account balances of various assets, liabilities, revenues and expenses on December 31, 2013, the end of its first year of operations. The net income for Randy's Landscaping for the year was: $ 5, 700 $ 5, 900 $12, 800 $14, 100+