On January 1, 2020, Total Assets for Liftoff Technologies Were

question 63

Multiple Choice

On January 1, 2020, total assets for Liftoff Technologies were $125,000; on December 31, 2020, total assets were $145,000. On January 1, 2020, total liabilities were $110,000; on December 31, 2020, total liabilities were $115,000. What are the amount of the change and the direction of the change in Liftoff Technologies shareholders' equity for 2020?

• A) increase of $15,000
• B) decrease of $30,000
• C) decrease of $15,000
• D) increase of $30,000

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Definitions:

Frederick Douglass

A prominent American social reformer, abolitionist, writer, and statesman known for his efforts against slavery.

William Lloyd Garrison

William Lloyd Garrison was a prominent American abolitionist, journalist, and social reformer, best known for his anti-slavery newspaper "The Liberator."

Federal Law

Legislation passed by the national government of a country, which applies to all its states and territories.

Escaped Slaves

Individuals who fled from bondage in search of freedom, notably African Americans escaping the slaveholding Southern states before and during the Civil War.