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QUESTION 11 The following balances were taken from the accounts of Ceduna Enterprises. Assets Liabilities 30 June 2017 $550 000 320 000 30 June 2018 $720 000 380 000 Assuming there were no drawings or contributions of capital, profit for 2018 must have been: O a. $170,000 O b.$340,000 OC. $110,000 O d. $60,000 QUESTION 12 Which of the following statements is correct with regards to the statement of cash flows? a. Investing activities include investments made by the owners of the entity. O b. Financing activities include net cash from the sale and purchase of the entity's assets. OC. Investing activities include investments made by the owners of the entity. d. Investing activities include investments made by the owners of the entity. QUESTION 10 Which of the following statements is not correct? a. Income decreases equity. b. Expenses represent decreases in economic benefits. Equity represents the owners' claims on the assets after deducting all liabilities. d. Assets are resources controlled by the entity