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On February 1 our company purchased land for $300,000 by making a cash payment of $50,000 and promising to pay the remaining amount in a later accounting period. What is the net effect on liabilities? Liabilities increased by $100,000. Liabilities increased by $250,000. Liabilities increased by $300,000 Liabilities decreased by $250,000 Question 10 4 pts The income statement: O shows whether or not a business can generate enough cash to pay its debt shows how much of the earnings a company has maintained in the company shows whether a company has earned a profit in the current period measures the financial strength of a business at a particular date by comparing assets. liabities, and stockholders' equity