If Total Liabilities Decreased by $30,000 During a Period of Time

question 3

Multiple Choice

If total liabilities decreased by $30,000 during a period of time and stockholders' equity increased by $35,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is a:

• A) $65,000 increase.
• B) $5,000 increase.
• C) $5,000 decrease.
• D) $65,000 decrease.

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Flexible

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A comprehensive overhaul of the United States tax code passed in 2017, aimed at reducing tax rates for individuals and corporations while eliminating various deductions and credits.