Corresponds to CLO (b) Which of the following best describes the balance sheet?

• The balance sheet reports
• the revenue and expenses for a specific period of time.  
• The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date.  
• The balance sheet reports the changes in retained earnings for a specific period of time. 
• The balance sheet reports the changes in assets, liabilities, and stockholders' equity over a period of time