If Total Assets Decreased by $88,000 During a Period of Time

question 175

Multiple Choice

If total assets decreased by $88,000 during a period of time and owner's equity increased by $71,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities would be a
(n)

• A) $17,000 increase
• B) $88,000 decrease
• C) $159,000 increase
• D) $159,000 decrease

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Definitions:

Occupational Safety And Health Administration

A federal agency of the United States that regulates workplace safety and health to prevent work-related injuries, illnesses, and deaths.

Nominal Wages

Wages that are not adjusted for inflation, representing the amount of money paid to an employee by an employer in the form of cash.