Please provide explanation.

0 1. Which financial statement is a report of a company's revenues and expenses during a certain time period? ca. Statement of Changes in Equity ob. Income Statement o c. Statement of Cash Flows 2. After making a sale of $3,000, where $1,200 is paid in cash and $1,800 is sold on credit, how would a company go about updating its balance sheet? o a. $1,800 debit in accounts receivable; $3,000 credit in retained earnings; $1,200 debit in cash b. $3,000 debit in retained earnings; $1,200 credit in cash; $1,800 credit in accounts receivable c. $1,800 debit in accounts payable; $1,200 debit in cash; $3,000 credit in retained earnings od. $1,200 credit in cash; $1,800 credit in accounts payable; $3,000 debit in retained earnings 3. Which is not an example of financing cash flow? o a. Paying off a debt of $25,000 b. Investing in equipment worth $90,000 oc. Paying $12,000 worth of dividends to shareholders d. Issuing $42,000 worth of shares 4. Which side of the ledger account are debits recorded on? a. Left o b. Right c. Depends on the debit 5. Are assets on the balance sheet recorded at their estimated fair market value? a. Yes b. No c. Sometimes; it's situational. 6. Increasing an asset involves crediting the account. a. True b. False a. 0 o