If Total Liabilities Decreased by $40000 and Owner's Equity Decreased

question 209

Multiple Choice

If total liabilities decreased by $40000 and owner's equity decreased by $30000 during a period of time then total assets must change by what amount and direction during that same period?

• A) $70000 decrease
• B) $10000 decrease
• C) $10000 increase
• D) $70000 increase

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Definitions:

Delinquency

Acts of misconduct or behavior, typically by young people, that violate legal or social norms.

Latina

A woman or girl of Latin American origin or descent, often used within the context of sociocultural identity.

African American

A term referring to Americans of African descent, especially those whose ancestors were enslaved and brought to the United States.

Asian American

Pertains to individuals in the United States who have ancestral origins in the countries of East, Southeast, or South Asia.