10. Profit is the excess of expenses over revenues, whereas net loss is the excess of revenues over expenses. 11. The balance sheet is also called the statement of financial position because it shows the financial position of the business on a particular date. 12. At the end of its first year of operations, Lockerble and Role Company has total assets of $3,000,000 and total liabilities of $1,200,000. The owner originally invested $200,000 in the business, but has not made any further investments or taken any withdrawals. What is the first year's profit for Lockerbie and Role Company? (.9 1600000 1300000 1000000 3000000 320000 13. The FastForward Company balance sheet shows cash $5,000, accounts receivable $7,000, office equipment $3,000, and accounts payable $4,000. What Is the amount of equity