If Total Liabilities Increased by $6,000 and the Assets Increased

question 17

Multiple Choice

If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period,what is the change in the owner's equity amount?

• A)Increase of $2,000
• B)Decrease of $2,000
• C)Increase of $10,000
• D)Decrease of $10,000

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Definitions:

Older Americans

Individuals who are in the later stage of life, often defined as being 65 years of age or older in the United States, with distinct social, economic, and health characteristics.

Social Security

A government program that provides monetary assistance to people with inadequate or no income, particularly the elderly, disabled, and families with children.

Companionate

Describes relationships or feelings characterized by deep affection and friendship rather than passionate love.

Supportive Grandparents

Older adults who provide emotional, informational, and sometimes financial support to their grandchildren.