Which of the following statements is not true?

a. the owner's equity is increased by amounts invested by the owner and is decreased by withdrawals by the owner.
b. the effect of every transaction is an increase or a decrease in one or more of the accounting equation elements (assets, liabilities, and owner's equity).
c. the two sides of the accounting equation are always equal.
d. all of these statements are true.

Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was: