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If the liabilities of a company increased by $90,000 during a period of time and the equity in the company decreased by $27,000 during the same period, what was the effect on the assets? Explain.

If the liabilities of a company increased by $90,000 during a period of time and the equity in the company decreased by $27,000 during the same period, what was the effect on the assets? Explain.

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 6DQ: What do the following data, taken from a comparative balance sheet, indicate about the companys...
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Financial Accounting

If the liabilities of a company increased by $90,000 during a period of time and the equity in the company decreased by $27,000 during the same period, what was the effect on the assets? Explain.
Transcribed Image Text:If the liabilities of a company increased by $90,000 during a period of time and the equity in the company decreased by $27,000 during the same period, what was the effect on the assets? Explain.
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