S) Pace U Bicycle Company had the following final balances after the first year of operations: assets, $$5,000, stockholders' equity, $25,000; dividends, $3,000; and net income, $10,000. What is the amount of Emmitt's labilits? A. $55,000 B. $30,000 C.$13,000 D.$7,000 6) Liabilities are best defined as: A. Amounts the company expects to collect in the future from customers. 8. Debts or obligations the company owes resulting from past transactions. C. The amounts that owners have invested in the business. D. Payments to shareholders. 7) Use the following appropriate amounts to calculate net income: Revenues, $12,000; uabillties, $5,000 Expenses, $4,000; Assets, $19,000; Dividends, $4,000: , $6,000 B. $8,000 C. $4,000 D. $14,000 8) Which one of the following statements regarding financial reports is correct? A. The balance sheet classifies all assets according to operating, investing, and financing activities 8. The income statement is used to show that a company's resources equal claims to those resources C. The statement of stockholders' equity updates the balances of common stock and retained earnings for related transactions during the year. D. The statement of cash flows shows cash inflows and outflows from operating activities only 9) DW has an ending Retained Earnings balance of $1,100. If during the year DW paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance? A. $24,300 8.$32,900 C.$300 D. $69,300