Question 13 Why should the income statement be prepared first The statement of cash flows should be prepared test bettermines the worst cash Thomation there in the income statement The income statement does not have to be prepared first Financial statements can be prepared in order Net income from the income statement flows into the retained camisam. The ending ratings and then to the balance sheet None of these answer choices are correct Question 14 3.25 pts If total liabilities increased by $90,000 and stockholders' equity increased by $30,000 during a period of time, then total wets must change by what amount and direction during that same period? $120.000 increase $180,000 increase $150,000 increase $120.000 decrease