Which of the following is true concerning federal budget deficits? i. the irs spends more than it collects in taxes in a given year. ii. the federal government spends more than it collects in taxes in a given year. iii. unemployment is greater than taxes collected in a given year.

The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)