TUWIATIVATTERS Questions 23 to 44 are each worth two marks. 23. Kareem's Rental Ltd. started the year with total assets of $70,000 and total liabilities of $40,000. During the year, the business recorded $100,000 in car repair revenues, $65,000 in expenses, and paid dividends of $5,000. Shareholders' equity at the end of the year was (a) $60,000. (b) $65,000. (c) $70,000. (d) $75,000 (e) None of the above 24. If total liabilities increased by $15,000 and shareholders' equity increased by $15,000 during a period of time, then total assets must change by what amount and direction (increase or decrease) during that same period? (a) $15,000 decrease (b) $15,000 increase (c) $30,000 decrease (d) $30,000 increase (e) None of the above 8 / 16