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Questions: 1.True or false? If total assets of a company equal $16,000 and total stockholders' equity equals $8,000, then total liabilities equal $24,000. 2.If total assets increased by $4,360 and total liabilities decreased by $3,280 during a period of time, then stockholders' equity must have changed by what amount and direction during that same period?

Questions: 1.True or false? If total assets of a company equal $16,000 and total stockholders' equity equals $8,000, then total liabilities equal $24,000. 2.If total assets increased by $4,360 and total liabilities decreased by $3,280 during a period of time, then stockholders' equity must have changed by what amount and direction during that same period?

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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Questions: 1.True or false? If total assets of a company equal $16,000 and total stockholders' equity equals $8,000, then total liabilities equal $24,000. 2.If total assets increased by $4,360 and total liabilities decreased by $3,280 during a period of time, then stockholders' equity must have changed by what amount and direction during that same period?
Transcribed Image Text:Questions: 1.True or false? If total assets of a company equal $16,000 and total stockholders' equity equals $8,000, then total liabilities equal $24,000. 2.If total assets increased by $4,360 and total liabilities decreased by $3,280 during a period of time, then stockholders' equity must have changed by what amount and direction during that same period?
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