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If total liabilities decreased by $26,700 and stockholders' equity increased by $4,150 during a period of time?
If total liabilities decreased by $26,700 and stockholders' equity increased by $4,150 during a period of time, then total assets must change by what amount and direction during the same time period?
a. $22,550 decrease.
b. $30,850 increase.
c. $22,550 increase.
d. $30,850 decrease.
3 Answers
- 10 years agoFavorite Answer
$ 22,550 decrease Your assets decrease by $26, 700 to pay for the liability decrease ( cash to pay for bills). An increase in OE means you made a profit of $4,150 to add equity. At close of period your profit transfers to OE. I am a controller and do this for a living so I give you my best advice.
- Old GuyLv 710 years ago
The answer is a.
Assets -$22,550 = Liabilities -$26,700 + Stockholders' Equity + $4,150
