The financial statement that lists an entity's assets, liabilities, and equity is the: A) Balance Sheet B) Income Statement C) Statement of Cash Flows D) Statement of Retained Earnings 5. A company reports assets of $100, and equity of $60. Their liabilities must be: A) $160 B) $40 C) $100 D) None of the above. 6. If a machine cost $20,000 and the company owes the bank $18,000 on a loan for the purchase of the machine, then how much should be reported for the machine under Assets on the Balance Sheet? A) $2,000 B) $18,000 C) $20,000 D) 10 percent ($2,000 $20,000) 7. All of the following should be closed into Retained Earnings at the end of an accounting period EXCEPT: A) Revenues B) Expenses C) Dividends D) Common Stock 8