A Company Began the Year with Assets of $200,000,liabilities of $40,000,and

question 58

Multiple Choice

A company began the year with assets of $200,000,liabilities of $40,000,and stockholders' equity of $160,000.During the year assets increased $110,000 and stockholders' equity increased $40,000.What was the change in liabilities for the year?

• A)Increase of $150,000
• B)Increase of $70,000
• C)Decrease of $150,000
• D)Decrease of $70,000

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