Net Income:
a. Decreases equity.
b. Represents the amount of assets owners put into a business.
c. Equals assets minus liabilities.
d. Is the excess of revenues over expenses.
e. Represents owners' claims against assets.
Answer: D
Net Income:
a. Decreases equity.
b. Represents the amount of assets owners put into a business.
c. Equals assets minus liabilities.
d. Is the excess of revenues over expenses.
e. Represents owners' claims against assets.
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