Which of the following describes the effect of recording depreciation expense at year-end? Multiple Choice Net income decreases and total assets decrease. Total assets decrease and stockholders' equity is not affected. Net income decreases and total assets increase. Stockholders' equity is not affected and net income decreases. Which of the following statements correctly describes the effect of recording the collection of a $16,000 account receivable for which a 5% sales discount was recorded at the time of collection? Multiple Choice Gross profit will decrease $800. ) Accounts receivable will decrease $15,200. ) Net sales will increase $15.200. Current assets will remain the same Which financial statement that we have discussed in class answers the question at a specific date "What are the company's resources and where did they come from? Multiple Choice O Balance Sheet Income Statement Trial Balance O oo Statement of Retained Earnings (Statement of Stockholders' Equity)