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If Sadaf Oman Company's total liabilities increased by RO 29,000 during a period of time and its total assets decreased by RO 3,000 during the same period, then the total equity would change by what amount and direction during the same period? O a. RO 26,000 decrease b. RO 32,000 decrease Oc. RO 29,000 decrease Od. None of the options are correct Oe. RO 26,000 increase

If Sadaf Oman Company's total liabilities increased by RO 29,000 during a period of time and its total assets decreased by RO 3,000 during the same period, then the total equity would change by what amount and direction during the same period? O a. RO 26,000 decrease b. RO 32,000 decrease Oc. RO 29,000 decrease Od. None of the options are correct Oe. RO 26,000 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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If Sadaf Oman Company's total liabilities increased by RO 29.000 during a period of time and its total assets decreased by RO 3,000 during the same period, then the total equity would change by what amount and direction during the same period? Oa. RO 26,000 decrease b. RO 32,000 decrease O c. RO 29.000 decrease O d. None of the options are correct O e. RO 26.000 increase
Transcribed Image Text:If Sadaf Oman Company's total liabilities increased by RO 29.000 during a period of time and its total assets decreased by RO 3,000 during the same period, then the total equity would change by what amount and direction during the same period? Oa. RO 26,000 decrease b. RO 32,000 decrease O c. RO 29.000 decrease O d. None of the options are correct O e. RO 26.000 increase
Expert Solution
Step 1 : Formula used
  • Equity + Total liabilities = Total Assets 

        Equity = Total Assets - Total liabilities

 

 

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