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During a period of time, Nova Systems Inc. reported that total liabilities decreased by $55,300 and stockholders' equity increased by $33,800. By what amount and direction must total assets change during that same period? a) $89,100 increase b) $21,500 decrease c) $89,100 decrease d) $21.500 increase

During a period of time, Nova Systems Inc. reported that total liabilities decreased by $55,300 and stockholders' equity increased by $33,800. By what amount and direction must total assets change during that same period? a) $89,100 increase b) $21,500 decrease c) $89,100 decrease d) $21.500 increase

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During a period of time, Nova Systems Inc. reported that total liabilities decreased by $55,300 and stockholders' equity increased by $33,800. By what amount and direction must total assets change during that same period? a) $89,100 increase b) $21,500 decrease c) $89,100 decrease d) $21.500 increase
Transcribed Image Text:During a period of time, Nova Systems Inc. reported that total liabilities decreased by $55,300 and stockholders' equity increased by $33,800. By what amount and direction must total assets change during that same period? a) $89,100 increase b) $21,500 decrease c) $89,100 decrease d) $21.500 increase
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