1. If revenue was $45,000, expenses were $35,500, and liabilities totaled $10,000, the amount of net income or net loss would be: ( 2 marks) a. $45,000 net income b. $9,500 net income c. $35,500 net loss d. $500 net loss 2. If revenue was $45,000, total expenses were $35,500, and income taxes expense was $10,000, what is the amount of Income Before Taxes reported on the Income Statement? (2 marks) a. ($500) b. $9,500 c. $35,500 d. $19,500 3. Profits earned by the business belong to: a. The creditors b. The government c. The shareholders d. The managers 4. The primary criteria in classifying a liability as current or long-term is determining whether it is due to be paid: a. less than or greater than 1 month. b. less than or greater than 10 months. c. less than or greater than 1 year: d. less than or greater than 5 years