If the Liabilities of a Company Increased $92,000 During a Period

question 166

Short Answer

If the liabilities of a company increased $92,000 during a period of time and equity in the business decreased $30,000 during the same period, did the assets of the company increase or decrease? By what amount?

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Definitions:

Shadow IT

Information technology projects managed outside, and without the knowledge of, the IT department.

Encrypted

The process of converting information or data into a code, especially to prevent unauthorized access, ensuring data privacy and security.

Registered

Marked or recorded officially in a database or system for identification or protection purposes.

Up-to-Date

Up-to-date refers to having the most current information or state, ensuring relevance and efficiency by incorporating the latest changes or developments.