1-If owner's equity increases from the beginning of the year to the end of the year,

2- Foxes Service Shop started the year with total assets of $320,000 and total liabilities of $240,000. During the year, the business recorded $630,000 in revenues, $450,000 in expenses, and owner drawings of $60,000.

Owner's equity at the end of the year was

3. On January 1, 2016, Utah Utility Company reported owner's equity of $705,000. During the year, the owner withdrew cash of $30,000. At December 31, 2016, the balance in owner's equity was $795,000. What amount of net income or net loss would the company report for 2016?

4- Generally, the most important category on the statement of cash flows is cash flows from

5. Which of the following is not true of the terms debit and credit?