1 and 2

1. The biggest difference between the income statement and the balance sheet is: A) the income statement is always more accurate than the balance sheet B) the income statement is submitted to the government, while the balance sheet is shown to investors C) the income statement shows incoming deposits, while the balance sheet shows account balances from the bank. D) the balance sheet represents flows at a point in time, while the income statement reflects flows over a time period 2. Last year, Zicon Co had $10,000 in Sales and Net Income of $150. They paid $20 in dividends to the shareholders, and sold new stock for $40. Beginning equity for the year was $700. Ending Equity was: A) $830 B) $840 C) $870 D) $850