A sole proprietor makes a cash withdrawal from his company. How does this transaction affect the accounting equation? A) Assets, liabilities, and equity remain the same. B) Assets decrease equity decreases. C) Assets increase, liabilities decrease. D) Assets decrease, equity increases. The income statement presents a summary of an entity's revenues and expenses for a period of time. Which of the following A) There is net income when total revenues are lesser than total expenses. B) There is a net loss when total expenses are lesser than total revenue