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5. The accounting equation states: A) Assets + Liabilities = Stockholders' Equity B) Assets = Liabilities Stockholders' Equity C) Assets = Liabilities + Stockholders' Equity D) Assets + Stockholders' Equity = Liabilities E) None of the above 6. Which of the four basic financial statements would contain a line item for expenses? A) Balance sheet B) Income statement C) Statement of retained earnings D) Statement of cash flows 7. Which of the following would be reported on a statement of retained earnings? A) Cash B) Total expenses C) Dividends D) Financing cash flow