B. assets, liabilities, and contributed capital. A. assets, liabilities, and retained earnings. 41. Which of the following are the three basic elements of the balance sheet? A. assets, liabilities, and retained earnings. B. assets, liabilities, and contributed capital. C. assets, liabilities, and revenues. D. assets, liabilities, and stockholders” equity. A. Assets = Liabilities + Stockholders” Equity b. Liabilities = Assets – Stockholders” Equity c. Stockholders” Equity + Liabilities – Assets = 0 d. Liabilities – Stockholders” Equity = Assets Use the following to answer questions 42-44: GIL”S FISHING EQUIPMENT, INC. 42. Which of the following is not true? A. Assets = Liabilities + Stockholders” Equity b. Liabilities = Assets – Stockholders” Equity c. Stockholders” Equity + Liabilities – Assets = 0 d. Liabilities – Stockholders” Equity = Assets Use the following to answer questions 42-44: GIL”S FISHING EQUIPMENT, INC. Cash at beginning of year Cash at end of year 43. In the a