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If Total Liabilities Decreased by $40000 and Owner's Equity Decreased

Question 209

Multiple Choice

If total liabilities decreased by $40000 and owner's equity decreased by $30000 during a period of time then total assets must change by what amount and direction during that same period?


A) $70000 decrease
B) $10000 decrease
C) $10000 increase
D) $70000 increase

Correct Answer:

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