Which of the following statements best describes a balance sheet in an abstract way and makes the principle purpose of the balance sheet simpler to understand for someone without an accounting or finance background than if described in a concrete way? (This question is worth 2 points.) a) Assets = Liabilities + Shareholder Equity b) Current Assets + Long Term Assets = Current Liabilities + Long Term Liabilities + Common Stock + Retained Earnings c) A balance sheet is an important financial statement. d) Retained Earnings is a balance sheet mechanism strategically used to offset income statement, Net Income losses. e) A balance sheet tells us what the company owns, what it owes, and what the owners of the company