Determine the net income. The owner's equity at the beginning of the period is $20,000. The owner made cash withdrawals that total $7,000. At the end of the period the owner's equity is $37.000. O$10,000 O $27,000 O $24,000 O$13,000 2. Companies support the adoption of international financial reporting standards because (1 pe O the International Accounting Standards Board made it mandatory. Othere is a need for a more rules-based system in a global economy it makes sense to follow the same standards as many other cou O investors demanded the right to compare all companies financial statements agains investment opportunities. 3. The financial statement that presents a summary of the assets. liabilities and owner's equity a of a specific date is the statement of assets. O balance sheet Ostatement of owner's equity. Ostatement of cash flows