Assets totalled $25,550 and liabilities totalled $8,630 at the beginning of the year. During the year, assets decreased by $3,630 and liabilities increased by $2,930. 1) What is the amount of the change in stockholders' equity during the year? a) $700 decrease b) $6,010 increase c) $810 increase d) $6,560 decrease 2) What is the amount of stockholders' equity at the end of the year? a) $16,220 b) $16,920 c) $15,360 d) $10,360
Assets totalled $25,550 and liabilities totalled $8,630 at the beginning of the year. During the year, assets decreased by $3,630 and liabilities increased by $2,930. 1) What is the amount of the change in stockholders' equity during the year? a) $700 decrease b) $6,010 increase c) $810 increase d) $6,560 decrease 2) What is the amount of stockholders' equity at the end of the year? a) $16,220 b) $16,920 c) $15,360 d) $10,360
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Assets totalled $25,550 and liabilities totalled $8,630 at the beginning of the year. During the
year, assets decreased by $3,630 and liabilities increased by $2,930.
1) What is the amount of the change in stockholders' equity during the year?
a) $700 decrease
b) $6,010 increase
c) $810 increase
d) $6,560 decrease
2) What is the amount of stockholders' equity at the end of the year?
a) $16,220
b) $16,920
c) $15,360
d) $10,360
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