If During the Year Total Assets Increase by $75,000 and Total

question 1

Multiple Choice

If during the year total assets increase by $75,000 and total liabilities decrease by $16,000,by how much did owner's equity increase/decrease?

• A) $91,000 increase
• B) $59,000 decrease
• C) $91,000 decrease
• D) $75,000 increase

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Definitions:

Contingency Planning

The process of preparing for potential future situations or crises by developing plans to manage and mitigate risks.

Managerial Planning

The process by which managers establish goals and outline the most efficient path to achieve those goals, involving setting objectives, developing strategies, and outlining tasks and schedules.

External Benchmarking

The process of comparing a company’s performance, products, or processes against those of other leading companies, typically outside one’s own industry.

Retailing Strategies

Approaches taken by retailers to attract customers, increase sales, and gain competitive advantage in the market.