... owners are financially sound 90 Free Test Bank for Fundamentals of Financial Accounting 3rd Edition by Phillips Multiple Choice Questions - Page For the current year, the first year of operations, ... wages, rent and other costs of running a business 90 Free Test Bank for Fundamentals of Financial Accounting 3rd Edition by Phillips Multiple Choice Questions - Page Which of the following is not ... Liabilities for the year? A Increase of $75,000 B Increase of $35,000 C Decrease of $75,000 D Decrease of $35,000 The first year of operations for a company was 2010 The net income for the year...