The basic format of an income statement is Select one: O A Assets - Liabilities = Profits OB. Sales - Liabilities = Profits. OC Income - Expenses = EBIT OD Sales - Expenses = Profits Social responsibility and ethics efforts made by a firm's management are inconsistent with the firm's goal shareholder wealth maximization Select one True False Baliwick Corp. has total current assets of $1,200,000; total current liabilities of $500,000, and long-term assets of $800,000. How much is the firm's Total Liabilities & Equity? Select one A $2,500,000 O.B. $1,300,000 OC $1,800,000 OD. $2,000,000 The increase in owners' equity for a given period is equal to Select one: O A gross profit minus distributions to shareholders. OB. positive net cash flow minus dividends. OC sales minus dividends. OD net income minus dividends