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QUESTIONS: IF THE LIABILITIES OF A COMPANY INCREASED BY $96,000 DURING A PERIOD OF TIME AND EQUITY IN THE COMPANY DECREASED BY $30,000 DURING THE SAME PERIOD, WHAT WAS THE EFFECT ON THE ASSETS? A. ASSETS WOULD HAVE INCREASED BY $30,000 B. ASSETS WOULD HAVE DECREASED BY $66,000 C. NONE OF THESE D. ASSETS WOULD HAVE DECREASED BY $30,000 E. ASSETS WOULD HAVE INCREASED BY $66,000

QUESTIONS: IF THE LIABILITIES OF A COMPANY INCREASED BY $96,000 DURING A PERIOD OF TIME AND EQUITY IN THE COMPANY DECREASED BY $30,000 DURING THE SAME PERIOD, WHAT WAS THE EFFECT ON THE ASSETS? A. ASSETS WOULD HAVE INCREASED BY $30,000 B. ASSETS WOULD HAVE DECREASED BY $66,000 C. NONE OF THESE D. ASSETS WOULD HAVE DECREASED BY $30,000 E. ASSETS WOULD HAVE INCREASED BY $66,000

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: IF THE LIABILITIES OF A COMPANY INCREASED BY $96,000 DURING A PERIOD OF TIME AND EQUITY IN THE COMPANY DECREASED BY $30,000 DURING THE SAME PERIOD, WHAT WAS THE EFFECT ON THE ASSETS? A. ASSETS WOULD HAVE INCREASED BY $30,000 B. ASSETS WOULD HAVE DECREASED BY $66,000 C. NONE OF THESE D. ASSETS WOULD HAVE DECREASED BY $30,000 E. ASSETS WOULD HAVE INCREASED BY $66,000
Transcribed Image Text:QUESTIONS: IF THE LIABILITIES OF A COMPANY INCREASED BY $96,000 DURING A PERIOD OF TIME AND EQUITY IN THE COMPANY DECREASED BY $30,000 DURING THE SAME PERIOD, WHAT WAS THE EFFECT ON THE ASSETS? A. ASSETS WOULD HAVE INCREASED BY $30,000 B. ASSETS WOULD HAVE DECREASED BY $66,000 C. NONE OF THESE D. ASSETS WOULD HAVE DECREASED BY $30,000 E. ASSETS WOULD HAVE INCREASED BY $66,000
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