The incotne statement reports the economic resources obligations, and net worth revenues minus expenses for the accounting period changot that occurted in shareholders' eoulty during the accountng period cash collected and cash paid during the perlod QUESTION 7 If a companv's lotal assets equals $50,000 and its sharebolden' equily equals $20.000, hov much are the crediors' daims to the company's assats? QUESTION A company owns an ecenomic rosource that will provide it with future benefits. Thls econonic resource is net income an expense retained earnings an asset revense a liability QUESTION 9 What is the effect on total assets when a company purchases a cash register for a cash payment of $1.200? Increase Deciease No effect