Solved

If the Assets of a Business Increased $89,000 During a Period

Question 26

Multiple Choice

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:


A) Decreased $156,000.
B) Increased $89,000.
C) Decreased $22,000.
D) Increased $22,000.
E) Increased $156,000.

Correct Answer:

verifed

Verified

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

Related Questions

Q21: _ are the increases in equity from

Q22: The statement of cash flows identifies cash

Q23: Resources such as cash removed from the

Q24: You are reviewing the accounting records of

Q25: A corporation is:<br>A) A business legally separate

Q27: For each of the following transactions,

Q28: According to the measurement (cost) principle, it

Q29: The income statement reports on operating activities

Q30: Financial accounting is the area of accounting

Q31: Describe the three important guidelines for revenue