Two items found on a typical Income Statement are Assets and Liabilities Revenue and Equity Revenue and Expenses None of the above The accounting equation may be expressed as Assets = Equities - Liabilities Assets + Liabilities = Owner's Equity Assets = Revenues less Liabilities Assets = Liabilities = Owner's Equity How does the owner withdrawing cash from the business affect the accounting equation? assets decrease; owner's equity decreases assets decrease, owner's equity increases assets increase, liabilities decrease no effect on the assets, liabilities, or owner's equity