Bikley Company had $2,500 in cash and contributed capital when it began its fiscal year on July 1, 20X6. During the 20X6-20X7 fiscal year, the Company earned $6,200 of revenue on account. The company collected $3,700 cash from accounts receivable, and paid $2,800 cash for expenses. On the last day of its fiscal year (June 30, 20X7), the company bought a used delivery van for $2,100 cash. Please show work of any kind including equations used if necessary.

1. What happened to total assets (increase or decrease and by how much) during the fiscal year?
2. What is the cash balance on June 30, 20X7?
3. What is net income for the year ended June 30, 20X7?
4. What is the total owners equity on June 30, 20X7?