Solved

If Total Liabilities Increased by $18,000 and Shareholders' Equity Increased

Question 20

Multiple Choice

If total liabilities increased by $18,000 and shareholders' equity increased by $21,000 during a period of time, then total assets must change by what amount and direction (increase or decrease) during that same period?


A) $18,000 increase
B) $21,000 increase
C) $39,000 decrease
D) $39,000 increase

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q18: The right to receive money in the

Q19: Debt and obligations of a business are

Q21: A statement of financial position shows<br>A) revenues,

Q22: The financial statement that summarizes the changes

Q23: The world's economic systems depend on financial

Q26: Anyone who works for a company but

Q45: High standards of ethics are not required

Q46: Companies present summarized financial information in the

Q66: Accounting information is not important to marketing

Q74: Expenses are incurred<br>A)only on rare occasions.<br>B)to produce