the year? — $980,000 Question: If the total liabilities decreased by $25,000 during a period and equity increased by $30,000 during the same period, what is the amount and direction (increase or decrease) of the period’s change in total assets? a) $5,000 decrease b) $5,000 increase c) $55,000 increase d) $55,000 decrease
the year? — $980,000 Question: If the total liabilities decreased by $25,000 during a period and equity increased by $30,000 during the same period, what is the amount and direction (increase or decrease) of the period’s change in total assets? a) $5,000 decrease b) $5,000 increase c) $55,000 increase d) $55,000 decrease
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the year, the owner’s capital of SLG Company is $300,000 while its liabilities at the end of the year are $180,000. During the year, the owner withdrew cash for his personal use amounting to $80,000 and the results of operations showed revenues of $900,000 and expenses amounted to $320,000.
What is the amount of SLG Company’s total assets at the end of the year? — $980,000
Question: If the total liabilities decreased by $25,000 during a period and equity increased by $30,000 during the same period, what is the amount and direction (increase or decrease) of the period’s change in total assets?
a) $5,000 decrease
b) $5,000 increase
c) $55,000 increase
d) $55,000 decrease
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