The financial statement that shows the beginning balance of retained earmings, the changes in equity that resulted from net income for net loss;, dividends, and the ending retained earnings balance.,is the Muhiple Choice Satement of retained eamings Income satement Stenement of fnancial position Ststement of cash ows The primary objective of financial accounting is to: Multiple Choice Provide information on both the costs and benefits of looking after products and services. Provide accounting information that serves external users. Know what, when, and how much product to produce Serve the decision-making needs of internal users. Monitor and control company activities. If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have Multiple Choice Decreased $156,000 Decreased $22,000 Increased $89.000 Increased $22,000 Increased $156,000 All of the following are classified as assets except Multiple Choice Prepaid Insurance Accounts Payable. Supplies. Accounts Receivable. Cash. Accounting is an information and measurement system that does all of the following except Multiple Choice Identifies business activities. Communicates business activities. Eliminates the need for interpreting financial data. Records business activities Helps people make better decisions. Doc's Ribhouse had beginning equity of $52.000, net income of $35,000, and dividends of $12,000 There were no stockhoider investments during the year Calculate the ending equity kholder investments Multiple Choice 5,000 Which of the following accounts is not included in the calculation of net income? Multiple Choice Rent expense Services revenue Cash. Wages expense. Rent revenue Net Income: Multiple Choice Equals assets minus liabilities. Decreases equity Is the excess of revenues over expenses. Represents the amount of assets stockholders put into a business. Represents stockholders claims against assets