A Company Began the Year with Assets of $200,000,liabilities of $40,000,and

Multiple Choice

A company began the year with assets of $200,000,liabilities of $40,000,and stockholders' equity of $160,000.During the year assets increased $110,000 and stockholders' equity increased $40,000.What was the change in liabilities for the year?

A) Increase of $150,000
B) Increase of $70,000
C) Decrease of $150,000
D) Decrease of $70,000