Computer Corporation is starting its computer programming business and has sold stock of $$15,000.$ Identify how the accounting equation will be

affected.

a$.$ increase in assets $($Accounts Receivable$)$ and decrease in liabilities $($Accounts Payable$)$

b$.$ increase in assets $($Cash$)$ and increase in assets $($Accounts Receivable$)$

c$.$ increase in assets $($Cash$)$ and increase in stockholders' equity $($Common Stock$)$

d$.$ increase in assets $($Cash$)$ and increase in liabilities $($Accounts Payable$)$

The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year,

is called $a(n)$

a$.$ statement of stockholders' equity

b$.$ income statement

c$.$ balance sheet

d$.$ prior period statement