Provide correct answer general Accounting If total liabilities decreased by $15,600 and stockholders' equityincreased by $28,900 during a period, by what amount and in whatdirection did total assets change during that same period?

Step 1: Define Change in Total AssetsTotal assets represent everything a company owns, including…

Answered: If total liabilities decreased by…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 10CDQ

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The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment (net) $1,426,600 Liabilities: Current liabilities $205,000 Note payable, 6%, due in 15 years 1,019,000 Total liabilities $1,224,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during $1,224,000 year) Common stock, $10 par (no change during year) 1,224,000 Retained earnings: Balance, beginning of year $1,306,000 Net income 571,000 $1,877,000 Preferred dividends $48,960 Common dividends 196,040 245,000 Balance, end of year 1,632,000 Total stockholders' equity $4,080,000 Sales $27,926,100 Interest expense $61,140
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If total liabilities decreased by $15,600 and stockholders' equity increased by $28,900 during a period, by what amount and in what direction did total assets change during that same period?