Multiple Choice
On January 1, 2020, total assets for Liftoff Technologies were $125,000; on December 31, 2020, total assets were $145,000. On January 1, 2020, total liabilities were $110,000; on December 31, 2020, total liabilities were $115,000. What are the amount of the change and the direction of the change in Liftoff Technologies shareholders' equity for 2020?
A) increase of $15,000
B) decrease of $30,000
C) decrease of $15,000
D) increase of $30,000
Correct Answer:
Verified
Correct Answer:
Verified
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