Question
If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction
If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period change in total assets is:
a.$106,000 increase
b.$14,000 increase
c.$14,000 decrease
d.$106,000 decrease
Step by Step Solution
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Step: 1
Answer option B 14000 increase Since the basic accounting equation is Total assets Total ...
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
